The Abdullah Al Othaim Investment Group has inaugurated the $1.86 billion Konoz (Box of Treasures) project in Riyadh. Designed by Benoy, it is a mixed-use development spread over 50,000m2 that will include commercial offices, retail and F&B outlets, as well as a 20,000m2 entertainment city, a luxury hotel, and serviced apartments. It will also provide 15,0002 of green space, making it a popular tourist and leisure destination.
Abdullah bin Saleh Al Othaim, Group Chairman of Al Othaim, commented on the project’s launch, saying it is in keeping with the Riyadh Strategy, which aims to convert the city into a center for investment, innovation, and tourism. “The unveiling of Konoz in the capital city of Riyadh is an indication of the city’s drive towards becoming a global hub.”
“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,” explained Group CEO Meshaal Bin Omairh, who went on to say that Konoz is aligned 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.
“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 concluded.