Dubai Investments to develop mixed-use business park in Riyadh

Dubai Investments on Monday said it is developing a mixed-use business park in Saudi Arabia, along with three major projects in the United Arab Emirates, as the Dubai-listed firm looks to expand its real estate segment and enter new markets.

The company is also targeting mixed-use industrial and business parks in Africa, it said in a statement announcing its asset mix in the property sector.

Dubai Investments said its subsidiaries in the sector constitute 62 percent of its total asset mix, worth AED 9.7 billion ($2.64 billion).

"A number of proposals are also under negotiations to replicate Dubai Investments’ success and business models in different markets," Khalid Bin Kalban, managing director and CEO, said in the statement.

For the Saudi Arabia project, the company has created a joint venture firm to manage and operate the mega, mixed-use development.

The Riyadh Investments Park will spread across 11 million square meters and include warehouses, commercial showrooms, labor amenities, offices, and other logistics facilities similar to Dubai Investments Park (DIP), the statement added.

Among the upcoming developments in the UAE is the AED 3 billion ($816 million) Mirdif Hills project in Dubai, Green Community West Phase-III in Dubai Investments Park and the Fujairah Business Center, which is expected to cost AED 400 million ($109 million).

The investment firm has also planned a range of residential projects in the UAE.