$27bln new towers under construction in Riyadh
Developers are constructing nearly 100 new commercial towers in the Saudi capital Riyadh at a cost of at least 100 billion Saudi riyals ($27 billion), a newspaper said on Friday.
The high-rise buildings will largely boost business in the city, which already has nearly 25 skyscrapers, the Arabic language daily Aleqtisadia said.
'100 new high-rise towers are construction in Riyadh and have reached the final stages,...they are expected to attract a large number of investors and multi-national companies to the capital,' the report said.
It quoted developers as saying Riyadh, one of the richest cities in the Middle East, is now ranked third in the number of high towers in MENA.
'These towers which are coming up rapidly are not mere high buildings...they will be major centres for business, tourism, trade and hospitability,' it added.
Saudi Arabia is building the world's tallest tower at 1,000 metres in Jeddah, and has invited consultancy bids for a 2,000-metre tower in Riyadh.
(Writing by Nadim Kawach; Editing by Anoop Menon) (anoop.menon@lseg.com)
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