Riyadh Region Municipality has announced that it has, in co-ordination with the Saudi Ministry of Municipalities and Housing, and the National Center for Privatization & PPP (NCP), floated tenders for a private-sector partnership to develop a mixed-use residential, commercial and recreational project on a 30,015-sq-m area in northern Riyadh.

Announcing the launch of the expression of interest, prequalification, and proposal submission phase for the project, Riyadh Region Municipality said the project involves developing a plot of land within the municipality's jurisdiction in partnership with the private sector under a 50-year agreement. 

It marks the municipality's first project under this private-sector investment model.

Located on Zaid bin Asim Street, the prime plot of land occupies a strategic location where urban planning regulations permit mixed-use development, including residential, commercial, office, and recreational facilities.

The selected private-sector partner will be responsible for design, construction, operation and maintenance of all facilities on the site, it stated.

The initiative is aimed at attracting top global investors and financial institutions as well as local and international operators, said Riyadh Region Municipality as it seeks to deliver high-quality developments that meet growing demand, serve the needs of the community and residents, and strengthen Riyadh's urban infrastructure.

Investors, financial institutions and local and international operators can request the project documents through the NCP's investor portal until February 3, 2027.-TradeArabia News Service