The Abdullah Al-Othaim Investment Company has launched a brand new project in Riyadh, Saudi Arabia, called Konoz, or “Box of Treasures”
Konoz will cost over 7 billion riyals ($1.9 billion) and will include 50,000 square meters of modern office space alongside 20,000 square metres of entertainment. It will also feature 5,000 square meters of green areas, parking for 5,500 vehicles, a 120,000 square meter commercial centre, a 250-room luxury hotel, 120 serviced residential apartments and a 135,000 square meter residential apartment complex with 700 apartments.
The goal of the project is to support the city’s burgeoning tourism and entertainment sector.
A new world-class destination for Riyadh
The name Konoz was inspired by the diverse array of gemstones and the project will convey visual and architectural representation of gemstones in its various zones.
According to Abdullah bin Saleh Al-Othaim, chairman of the Board of Directors of the Abdullah Al-Othaim Investment Company, Konoz is a key element of the company’s expansion strategy and will solidify its status as a leader in large-scale development initiatives. It reflects the ongoing expansion and development in Riyadh and Saudi Arabia, fueled by the country’s Vision 2030, which intends to convert the Kingdom into a sustainable and diverse economy.
Meshaal Bin Omairh, the group CEO of the Abdullah Al-Othaim Investment Company, spoke about how the project fits in with the firm’s vision of developing modern and innovative projects in a strategic location in Riyadh, in order to create a world-class destination, boost the quality of life in the city and to create jobs.
The Benoy Company, which has 75 years of experience in multi-use project design and the use of cutting-edge building technology, was responsible for the project’s design.
The latest project to be announced in the capital city, Konoz aims to become a top destination for tourism and entertainment, illustrating Riyadh’s drive to develop into a major international hub. This is consistent with the expansive Riyadh Strategy, which aspires to turn the city into a centre for business, innovation, and tourism.
Saudi Entertainment Ventures (SEVEN) is also investing SAR 50 billion ($13 billion) in the development of 21 entertainment destinations across 14 cities.
In January 2023, Mohammad bin Salman bin Abdulaziz, the crown prince of Saudi Arabia, confirmed Diriyah as the Public Investment Fund’s fifth giga-project. A culture and lifestyle destination with entertainment, dining and shopping, Diriyah also includes At-Turaif, a historical district and UNESCO World Heritage Site.
