Al Akaria says memo with Arabian Dream KSA expires, no agreement reached

Saudi Real Estate Co.’s (Al Akaria) initial memorandum signed with Arabian Dream KSA to develop a mixed-use entertainment and shopping complex in Riyadh expired with no agreement reached between both parties, the company said in a bourse statement.

The agreement is expected to expire on Oct. 31, 2020.

No relevant financial impact was recorded, the statement added.

In October 2019, Al Akaria signed an initial partnership agreement with Arabian Dream KSA to develop the world’s largest mixed-use entertainment and shopping complex of its kind at its Widyan site in Riyadh at an estimated cost of $5 billion. Arabian Dream KSA is principally owned by Triple Five Worldwide, owner and developer of the three biggest retail and entertainment centers in North America, Argaam reported.