Riyadh tenders 50-year mixed-use project in Al-Narjis
Riyadh launched qualification and request-for-proposals stages for a mixed-use project on a 30,015 sqm plot in Al-Narjis, under a 50-year contract.
Riyadh Region Municipality, the Ministry of Municipalities and Housing and the National Center for Privatisation and Public-Private Partnership launched the expression of interest, qualification and request-for-proposals stages for a mixed-use project in Al-Narjis district.
The project is on a 30,015 square metre plot on Zaid bin Asim Street in Al-Narjis, under a public-private partnership model.
Under a build-own-operate-transfer model, the project covers residential, commercial, office and recreational space, making it multi-purpose.
The contract runs for 50 years, as part of Riyadh's push to offer development projects in partnership with the private sector.
What do these terms mean?
Public-private partnership: Cooperation between a government body and a private investor to carry out a project and share the risks and returns.
Build-own-operate-transfer: A model in which the investor builds, owns and operates the project for the contract term, then transfers it to the government.
Expression of interest: A first stage inviting investors to express their wish to take part.
Request for qualification: A stage that assesses companies' financial and technical capacity before they can submit bids.
Request for proposals: The final stage in which qualified companies submit their technical and financial offers.
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