Saudi's Arriyadh eyes new $3.5 bln city project | Reuters

Saudi Arabia's Arriyadh Development Company expects to receive government approval for a project worth more than 13 billion riyals ($3.47 billion) in the country's capital Riyadh, its chief executive said on Tuesday.

The project, part of the redevelopment plan for downtown Riyadh, will be funded largely by the government and members of a consortium, Khalid al-Dughaither told reporters on the sidelines of a MEED conference.

The project, called Duhairah District, will be constructed in nine stages over 15 years, and includes residential, retail and tourism components, he said.