Dubai Investments to build Riyadh Investment Park in two stages: CEO

Dubai Investments will build the Riyadh Investment Park project in two stages, starting next year, chief executive Khalid Bin Kalban told CNBC Arabia.

The first stage involves building 5 million square meters (sqm), while six million meters will be construction in the second stage, he said.

The assessment and documentation procedures will likely finish within the next couple of months. Project partners have started the infrastructure work including roads and utilities, Bin Kalban added.

Dubai Investments will run the company that will develop the project.

The firm has established a SAR 2 billion joint fund with Alinma Bank, Bin Kalban said without disclosing further details.

Dubai Investments in 2015 had set up Dar Dubai Investments Co. in Saudi Arabia, in partnership with RED House Group to manage and operate mega mixed-use real estate projects across Saudi Arabia.

The 11-million square meter project Riyadh Investment Park was launched in March 2015 to resemble Dubai Investments Park.