The multi-use development is expected to boost the capital’s appeal as a hub for innovation and investment
Saudi-based Abdullah Al Othaim Investment Company has unveiled its Konoz (Box of Treasures) project – a US $1.86bn development in Riyadh, which will feature an entertainment city, a luxury hotel and premium residential offering, in addition to commercial, F&B and retail outlets.
The project’s name is said to reflect the visual and architectural representation of gemstones throughout the development’s various zones.
Konoz, which will be spread over a 50,000sqm area, and has been designed by architectural firm Benoy, which has over 75 years’ experience in designing multi-use projects and implementing the latest construction technologies.
Speaking at the launch, Group Chairman Abdullah bin Saleh Al Othaim said the project was in line with the comprehensive Riyadh Strategy, which aims to transform the city into a hub for investment, innovation, and tourism.
In early December 2022, it was announced that the Time Out Market Riyadh would open in Diriyah Square by 2027 and, in mid February 2023, the Saudi Crown Prince launched the New Murabba Development Company to develop world’s largest modern downtown in Riyadh.
“The unveiling of Konoz in the capital city of Riyadh, is an indication of the city’s drive towards becoming a global hub. The project underscores the company’s expansion strategy to solidify its status as a leader in large-scale development initiatives. It embodies the ongoing growth and development taking place in Riyadh and Saudi Arabia, driven by the country’s Vision 2030, which aims to transform the nation into a sustainable and diverse economy,” he stated.
Group CEO Meshaal Bin Omairh pointed out that Konoz aligns with the company’s vision of developing modern and innovative projects in strategic locations across Riyadh to create a premier destination, enhance the quality of life in the city, and to create jobs.
The project features 15,000sqm of green areas, parking for 5,500 vehicles, a 120,000sqm commercial centre, a 250-key world-class luxury hotel and 120 serviced residential apartments, as well as a 700-unit residential apartment complex.
In late February 2023, Saudi Arabia’s NHC launched the Al Fursan Suburb in northeast Riyadh.