Latest news with #SR8
Saudi Gazette
21-05-2025
- Business
- Saudi Gazette
AWJ Investment secures 40% stake in Oud Real Estate, launching ambitious investments exceeding SR8 billion
AWJ Investment, a subsidiary of AWJ Holding, announced the acquisition of a 40% stake in Oud Real Estate. This strategic partnership is set to drive the development of branded residential, commercial, and hospitality projects, with projected investments exceeding SR8 billion over the next five years. This collaboration combines AWJ's financial expertise with Oud's innovative approach to creating lifestyle destinations that celebrate Saudi heritage. Since its establishment in 2016, Oud Real Estate has earned acclaim for its culturally infused, design-forward developments that reflect the evolving urban landscape of Saudi Arabia. Abdulaziz Al-Mousa, CEO of AWJ Holding, remarked on the significance of this partnership in relation to the Kingdom's Vision 2030: "Saudi Arabia is experiencing a renaissance in urban development, emphasizing cultural preservation, sustainability, and cohesive design. Oud Real Estate has demonstrated a profound understanding of this transformation. We are excited to collaborate with them to enhance their growth and contribute to the creation of dynamic, forward-thinking urban environments." Arc Mohammed Al-Duraibi, Founder and Managing Director of Oud Real Estate, expressed optimism about the partnership's potential: "This collaboration marks a pivotal moment for our company. It is a strategic initiative that will accelerate our expansion plans and reinforce our position in the luxury real estate sector. We are committed to designing spaces that enhance quality of life while showcasing Saudi culture through innovative design, hospitality, and architecture."The partnership will focus on key urban centers, including Riyadh and Jeddah, with an emphasis on developing distinctive, upscale destinations that seamlessly integrate Saudi authenticity with contemporary urban living. Oud's design philosophy draws inspiration from local narratives, customs, and hospitality, reimagined through a modern architectural demand for high-end real estate continues to rise in the Kingdom, the AWJ-Oud collaboration aims to set new standards in quality and cultural relevance. Both companies share a vision to create iconic destinations that embody Saudi Arabia's confidence, creativity, and aspirations on the global stage.
Arab News
30-04-2025
- Business
- Arab News
Crown Prince Mohammed bin Salman has the mind of a great architect
Crown Prince Mohammed bin Salman launched on March 17 the Saudi Architecture Characters Map, encompassing 19 distinct architectural designs that reflect the geographical, cultural and natural identity of the country's regions and cities. The initiative celebrates architectural heritage, enhances quality of life and revitalizes urban landscapes by innovatively reinterpreting traditional designs. It is expected to boost the economy by more than SR8 billion ($2.13 billion) and generate 34,000 jobs by 2030, primarily in the engineering, construction and urban development sectors. This marks a significant economic shift, transforming architecture into a viable economic asset. The project will roll out in phases, starting with Taif, Al-Ahsa, Abha and Makkah. Initial efforts will focus on the facades of existing buildings, alongside major projects, government structures and commercial properties. The designs will serve as a form of soft power, transcending mere cultural or architectural significance. Buildings will become part of a unique visitor experience, aiming to increase tourism spending. The guide introduces 19 geographical zones for architectural styles, expanding beyond the Kingdom's 13 administrative regions. The initiative is timely and pivotal, reinforcing regional identities through urban fabric, building densities, heights, materials and terrain adaptation. For instance, constructions in plains will differ from those in mountains, oases, coastal areas and deserts. Riyadh stands out as a leading city in adopting the Saudi architectural identity, particularly during the tenure of King Salman bin Abdulaziz as its administrative governor. This is evident in the Qasr Al-Hukm area, Tuwaiq Palace and other locations, positioning Riyadh as a reference point for this architectural map. Complementing this is the King Salman Charter for Architecture and Urbanism, approved in late 2021, which serves as a guiding framework providing a national methodology and strategy for urban design based on specific values. The charter also includes an award for the best creative institutional and student architectural designs. Throughout history, architecture has served as a significant barometer of civilizational distinction. Notable examples include the grandeur of Greek temples and the enduring presence of Roman theaters. During Germany's reunification in the 1990s, it undertook the reconstruction of its former parliament building, the Reichstag, originally erected in 1894. This act symbolized the renewed unity between its eastern and western halves. The redesign principles emphasized the building's importance as a democratic institution and its historical role in German life. A glass dome was incorporated to represent the transparency of the parliament, allowing visitors to observe lawmakers during debates and the passage of legislation. The Reichstag has since become a prominent landmark and tourist attraction in Berlin, drawing about 4,000 visitors a day. Another transformative approach was witnessed in Azerbaijan in 1991. Following its decision to shed the Soviet architectural style that dominated 33 percent of the buildings in its capital, Baku, the nation embarked on replacing it with structures that reflected its own history and culture. This resulted in iconic developments such as the Flame Towers, completed in 2013. Their name alludes to Azerbaijan's historical identity as the Land of Fire, a designation stemming from its rich natural gas reserves. A 2016 study published in the journal Omran explored the symptoms of what it termed 'urbanization disease,' particularly within the context of the modern Arab city. The study argued that this condition afflicts the subjugated individual in contemporary urban environments, where life has become a sphere of exploitation, noise and visual pollution and economic distress. From the study's perspective, the inhabitants of today's Arab cities are akin to caged predators in zoos. French sociologist and anthropologist Claude Levi-Strauss, in his seminal work 'Tristes Tropiques' ('Sad Tropics'), posits that humans inhabit urban environments to fulfill their material and aesthetic needs, much like they use language to secure their communicative and symbolic requirements. He believed that language preserves ideas and beliefs, while architecture provides tangible forms to people's experiences and knowledge, intersecting with their cultural heritage and aligning with their historical priorities. In his five-volume novel, 'Cities of Salt,' the late Saudi novelist Abdulrahman Munif recounts the state of a small coastal village in the Gulf, once a haven for fishermen and returning travelers. It was transformed into an industrial oil city that no longer served anyone and its people became identical and lacked distinctive features. It is hoped that the Saudi architectural map will break these pessimistic stereotypes, especially about the Gulf oil city, and restore it to its humanity, ancient scents and intimate, open spaces. This is consistent with the vision of the ancient Roman architect Marco Vitruvius, who believed that architecture was based on three main things: strength that protects its inhabitants, utility that gives the building a function that people need and beauty that is distinctive.
Gulf Insider
18-04-2025
- Gulf Insider
Hajj 2025: Friday Deadline For Domestic Pilgrims To Pay Fees
Friday is the deadline for domestic pilgrims to pay the last instalment of fees for the upcoming Islamic Hajj pilgrimage in Saudi Arabia, authorities in the kingdom have said. The third and final installment constitutes 40% of the fees for the four main packages allocated to domestic pilgrims, the Saudi Ministry of Hajj and Umrah has said. These packages are available for citizens and Muslim expatriates residing in Saudi Arabia who have chosen to pay the fees over three installments. The first package is pertaining to camps set up in Mina, a valley located around six kilometres east to the holy city of Mecca, to provide a high-quality service with shared accommodation. Prices start from SR10,366, excluding the cost of the transportation programme. The second includes hospitality camps with shared accommodation. Prices start from SR8,092 excluding transportation cost. The third package includes six towers located near the multi-level structure of the Jamarat Bridge where the Hajj symbolic stone-throwing rite is performed. Offering shared accommodation, this package starts with the price of SR13,150, excluding the transportation cost. The fourth package provides accommodation at the Kadana Al Wadi Towers, equipped with advanced facilities and personal services. This package entails meals and shared accommodation options. Its prices start from SR12,537. In February, the ministry opened registration for Saudis and Muslim foreign residents wishing to perform this year's Hajj rites due in June. The ministry said priority in registration is given to those who had not previously performed Hajj, except for the escort of the eligible pilgrim.
Gulf News
17-04-2025
- Gulf News
Hajj 2025: Friday deadline for domestic pilgrims to pay fees
Cairo: Friday is the deadline for domestic pilgrims to pay the last instalment of fees for the upcoming Islamic Hajj pilgrimage in Saudi Arabia, authorities in the kingdom have said. The third and final installment constitutes 40% of the fees for the four main packages allocated to domestic pilgrims, the Saudi Ministry of Hajj and Umrah has said. These packages are available for citizens and Muslim expatriates residing in Saudi Arabia who have chosen to pay the fees over three installments. The first package is pertaining to camps set up in Mina, a valley located around six kilometres east to the holy city of Mecca, to provide a high-quality service with shared accommodation. Prices start from SR10,366, excluding the cost of the transportation programme. The second includes hospitality camps with shared accommodation. Prices start from SR8,092 excluding transportation cost. The third package includes six towers located near the multi-level structure of the Jamarat Bridge where the Hajj symbolic stone-throwing rite is performed. Offering shared accommodation, this package starts with the price of SR13,150, excluding the transportation cost. The fourth package provides accommodation at the Kadana Al Wadi Towers, equipped with advanced facilities and personal services. This package entails meals and shared accommodation options. Its prices start from SR12,537. In February, the ministry opened registration for Saudis and Muslim foreign residents wishing to perform this year's Hajj rites due in June.
Saudi Gazette
27-03-2025
- Business
- Saudi Gazette
Traffic diverted near KAFD as Riyadh pushes ahead with major road upgrades
Saudi Gazette report RIYADH — The Royal Commission for Riyadh City (RCRC) announced on Tuesday the implementation of traffic diversions on the Northern Ring Road and Al-Takhassusi Street as part of a major infrastructure project to develop the road network surrounding the King Abdullah Financial District (KAFD). The KAFD project is a central component of the broader Riyadh Ring Road and Main Roads Development Program, which aims to improve transportation flow and accessibility across the capital. The RCRC confirmed that this initiative is one of eight strategic developments currently underway in the second phase of the program, with a total investment exceeding SR8 billion. The ongoing work near KAFD involves the construction of three new intersections and 19 bridges over a 20-kilometer stretch. These enhancements are designed to ease access to the financial district, which plays a pivotal role in Riyadh's urban and economic transformation. The Royal Commission is working in close coordination with relevant authorities to manage the diversions and maintain smooth traffic flow throughout the construction period. The second phase is expected to be completed within approximately three years. The first phase of the road network development program, which began in August 2024, included four major projects with a combined cost of SR13 billion.
