Limitless, the global master development arm of Dubai World, is investing more than US$200,000 to sponsor this year’s Saudi Travel and Tourism Investment Market (STTIM), taking place in Riyadh in March.
The sponsorship underpins Limitless’ commitment to Saudi Arabia, where the company plans a series of distinctive, tailor-made developments including Al Wasl, the US$12 billion, 14 million square metre new community near Riyadh, to be showcased at STTIM.
Abdul Salam Al Jassmi, Country Manager for Limitless in Saudi Arabia, said: “Our strategic sponsorship of STTIM shows how seriously we are taking KSA. We are planning multiple projects here that draw on our core skills of master planning large, mixed-use developments, fit the growing real estate needs of the country and bring economic benefits by creating thousands of new jobs.
“Saudi Arabia’s population explosion is creating a massive demand for new homes. In Riyadh alone, the population is growing by 150,000 – three per cent – every year, with 50,000 new homes needed annually. Around five million people live in Riyadh today: in 20 years the figure will rise to over seven million if the population continues to grow at current rates.”
Al Wasl – tailor-made to reflect traditional Saudi culture and offer a modern, self-sustaining community – will accommodate 200,000 people, with around 55,000 homes, as well as offices, hotels, mosques, health and educational facilities, shopping malls and sports amenities.
STTIM takes place at the Al Faisaliah Hotel, Riyadh, from 24-27 March.
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