Saudi real estate developer Rikaz has launched the second phase of its mega logistics park project, ‘The Node,’ in eastern Riyadh.
Phase 2 will cover 116,000 square metres (sqm) and is projected to generate US$29 million in sales revenue. Earlier this year, Phase 1, which spans 158,000 sqm, was launched.
The 3 million sqm integrated logistics services complex, developed at a total investment of US$293 million, includes Grade A warehouses listed on the Suhail digital platform for purchase and rental. The project is financed by Alinma Bank and Alinma Investment Company.
In February 2024, alternative asset manager Arcapita announced a partnership with Rikaz to collaborate on the development of The Node.
Read More: Arcapita and RIKAZ to Develop State-of-the-Art Logistics Park in Riyadh