Riyadh – Sharikat Mubasher: Saudi real estate developer Rikaz announced the launch of the second phase of its mega logistics park project ‘The Node,’ located in eastern Riyadh.

Phase 2 will span an area of 116,000 square meters (sqm) and is expected to fetch sales revenue of SAR 107 million ($29 million), according to a press statement by the company.

Phase 1, which was launched earlier this year, spans an area of 158,000 sqm.

The integrated logistics services complex, spread over an area of 3 million sqm, is being developed at a total investment of SAR1.1 billion ($293 million), and houses Grade A warehouses.  The warehouse units are listed on the Suhail digital platform to facilitate their purchase and rentals.

The statement said the project is financed by local Alinma Bank and Alinma Investment Company.

In February 2024, alternative asset manager Arcapita had announced that it is partnering with Rikaz to collaborate on the development of The Node.