The real estate investment firm, 38.89 percent owned by KHC, has acquired a loan from Banque Saudi Fransi to finance the new project.

“Our Saudi real estate projects are solid anchors for Kingdom Holding’s profitability,” said Prince Alwaleed.

KHC said it had sold the land west of “Kingdom Riyadh land” for SR250 per sq meter to the subsidiary company.

The first “Kingdom City,” which opened in 1999, has 100 percent occupancy.

On the east end of the “Kingdom Riyadh land“’ is “Kingdom Oasis,” which has a main and complete infrastructure where a hotel will be developed. More details will be announced very soon.

KHC announced on Feb 9 that Omrania had been awarded the design of the master plan design and infrastructure of ‘Kingdom Riyadh Land’ that is 16 million sq meters.

Talal Almaiman, executive director for development and domestic investments, said: “This step is aimed at broadening the activities of the Real Estate Investment Company Ltd. to benefit from its marketing and operations’ ability as it owns and operates the ‘Kingdom City’ residential compound in Riyadh.”

There are also 500 families on the waiting list at present for the first 'Kingdom City'.

The new scheme follows a comprehensive study of market and the economic implication of the project, according to the statement.

The second “Kingdom City”’ will provide more facilities to residents, it added.