Projects woo SR300 billion investments

He made this comment while speaking to reporters on the sidelines of the Riyadh International Urban Development and Real Estate Investment Exhibition (Cityscape Riyadh 2010) at the Four Seasons Hotel.
“A number of giant projects in higher education, general education, health, real estate, industry and infrastructure are now being implemented at a cost of SR150 billion,” Al-Asheikh told the Saudi Press Agency. He said work on new projects worth SR150 billion would start soon. “Hectic preparations are now being made to implement the new projects,” he pointed out.
He said the Cityscape exhibition reflected the remarkable progress achieved by Riyadh, adding that the new projects would change the capital city’s face. He commended Riyadh Gov. Prince Salman’s role in the city’s unprecedented development.
Being the chairman of ADA, Prince Salman has been leading Riyadh’s development for the past 50 years.
“Prince Salman wants to prepare a strategic comprehensive plan for Riyadh, keeping in view the futuristic vision for the city,” Al-Asheikh said.
According to Husain Alharthi, managing director of the National Exhibitions Company, investments in the Kingdom’s real estate are expected to cross SR1.5 trillion by the end of this year.
Saudi Arabia has been witnessing strong economic growth on the back of government spending and increasing population. The King Abdullah Financial District and the Princess Noura Bint Abdulrahman University have also seen huge investments.