Project could add as many as 25,000 housing units and one million sqft of commercial space
US consortium Global Business Ventures (GBV) has issued a statement announcing that it plans to build a multi-billion-dollar mixed-use project in Saudi Arabia. The project could add as many as 25,000 housing units and 93,000sqm of commercial space to three sites north of Riyadh.
Led by chairman Randall Langer, the consortium consists of US and Saudi business leaders who are dedicated to planning and executing developments in line with the Saudi Vision 2030 plan. According to a statement, Global Business Ventures currently has the three parcels under contract, which comprise more than 9.75 million sqm of land.
Langer is said to have joined officials from the US Chamber of Commerce and SAGIA for the presentation of a SAGIA business license. This is said to be the first step in the development of the mixed-use project.
“We are delighted to award this license and look forward to welcoming Global Business Ventures to Saudi Arabia. The unprecedented program of reforms being implemented in Saudi Arabia is unlocking an exciting range of opportunities for investors in the Middle East’s largest economy. One of SAGIA’s strategic goals is to act as an advocate for investors, enabling them to invest and establish their businesses in Saudi Arabia. In its efforts to ease licenses procedures, SAGIA has extended the license period for foreign investment from one year to a period of up to five years, renewable,” explained Ibrahim Al Omar, governor of SAGIA.
The pre-development design process has begun is being led by GBV Master Architect Scott Sarver of Chicago-based smdp, with the goal of creating a next-generation development that realises the shared vision of SAGIA and the GBV team. When complete, it will create a live-work-play community that is both affordable to Saudi citizens and sustainable.
Speaking about the new license, Langer said, “We welcome the opportunity presented to GBV by SAGIA and the government of Saudi Arabia to assemble a consortium of the world’s finest companies to provide new and innovative housing projects to the kingdom. SAGIA’s outstanding support of our investments extends across all of the ministries to whom they have introduced us. It is very refreshing to be working with such a collaborative, forward-looking group of government and business leaders who firmly believe in the Vision 2030 plan.”
Steve Lutes, VP of Middle East Affairs at the US Chamber of Commerce added: “Receiving the license from SAGIA’s governor is an important step forward for GBV. It demonstrates their commitment to doing business and growing in the Kingdom. At the US Chamber, we hope more American companies will similarly deepen and expand their work in Saudi Arabia and pursue the vast opportunities made possible through the economic diversification of Vision 2030.”