The Saudi Real Estate Company (Al Akaria) has signed a three-way Memorandum of Understanding (MoU) with the Royal Commission for AlUla (RCU) and AlUla Development Company (UDC), for the development of the “Sidrat AlUla” residential project in AlUla.
Announced at Future Investment Initiative (FII) 2023, the MoU stated that Al Akaria will undertake the development of the project based on the designs and plans developed by the RCU, which will include multiple-sized residential units with a total of 804 units, including over 500 apartments and 240 villas and townhouses available through the off-plan sales programme, Wafi.
The masterplan for the “Sidrat AlUla” project includes commercial areas spanning 26,000 sq m, in addition to a mosque, a number of public parks and sports fields, and a kindergarten, among many other services.
Al Akaria’s Role in Real Estate Development
Naif Al-Hamdan, the Chairman of the Board of Directors of the Saudi Real Estate Company, welcomed the cooperation with the RCU and UDC, pointing out that the MoU presented a unique opportunity to contribute effectively to the comprehensive urban development process that the Kingdom is experiencing. He stated that the partnership confirms the capabilities that Al Akaria has demonstrated in the real estate development sector through the various projects in its expanding portfolio.
He added: “We believe at Al Akaria that Saudi Arabia is the destination of the future, so we look forward to more partnerships with the relevant authorities, so that we can build projects that are adapted for the future, and are worthy of Saudi Arabia’s citizens and residents.”
Commenting on the agreement, Ibrahim bin Mohammed Al-Alwan, CEO of Al Akaria, said that the company has a pioneering role, a long history, and extensive experience in the field of real estate development in Saudi Arabia through its work on several mega-projects in various regions of the Kingdom. He also praised the strategic cooperation with the RCU and UDC.