First Avenue for Real Estate Development Company, Saudi Arabia has announced the signing of a development agreement with North Star Real Estate Fund, managed by Dinar Investment Company, to deliver a new mixed-use project in the Saudi capital.
The project will be developed on a 10,442.8 square meter land plot in Al Arid District, one of Riyadh’s rapidly growing northern zones. Strategically positioned on King Abdulaziz Road, a major arterial route linking the northern and southern parts of the city, the site also benefits from proximity to key corridors such as King Fahd Road and Abu Bakr Al-Siddiq Road, enhancing accessibility and overall investment appeal.
The planned development will integrate commercial, residential, and office components, catering to the increasing demand for mixed-use destinations in Riyadh. The total project cost is estimated at approximately SAR 83 million, excluding value-added tax (VAT), with the final value subject to completion of detailed studies and design approvals.
The company’s scope of work includes the preparation of detailed architectural designs, supervision of construction activities, and full-scale marketing of the project.
The development is expected to be completed within 24 months from the date of finalizing and approving the design drawings.
This agreement marks a key milestone under First Avenue’s “Tanmiah” program, an initiative launched to identify and develop high-potential real estate opportunities in strategically located areas across the Kingdom. The program focuses on delivering projects that add long-term value to the urban landscape while meeting evolving market needs.
The deal also reflects First Avenue’s ongoing expansion strategy, aimed at strengthening its footprint in Saudi Arabia’s real estate sector through the delivery of high-quality, well-located developments aligned with the Kingdom’s growth vision.
