AlRajhi United, a leading investment company in Saudi Arabia, said it has completed a land acquisition deal worth nearly SR600 million ($163 million) in Riyadh to develop one of the most striking projects in the kingdom.

The development, which will come up on a land adjacent to the Northern Ring Road in northwest Riyadh, has already attracted prominent retail brands, said the company, adding it has completed the organisational, administrative and logistic preparations for developing one of the largest real estate projects in Riyadh.