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Al Basateen and Riyad Capital to develop Kings Square in Riyadh
Real estate developer Al Basateen, a subsidiary of Alshegrey Group, and Riyad Capital, an asset manager in Saudi Arabia, have launched a real estate fund exceeding 2 billion Saudi riyals ($533 million) to develop the Kings Square, a mixed-use project in Riyadh.
The development will cover a built-up area ofmore than 240,000 square metres (sqm), spread across 12 towers connected by a series of landscaped courtyards.
The project is designed by the architectural firm OMA and will offer a variety of residential, commercial and office spaces.
No financial details or construction timeline was given.
Riyad Capital’s real estate portfolio spans over 20 funds, housing close to 40 prime assets with a total built-up area exceeding 2 million sqm in multiple geographies, including North America and Europe.
As of the second quarter of 2024, Riyad Capital managed over SAR 89 billion (c. $24 billion) in assets under management and over SAR790 billion in assets under custody.
Al Basateen’s flagship development, Al Basateen District, covers 441,000 sqm in Diriyah. |
