The High Commission of Development of Arriyadh has given the green signal for $5.6 billion worth of investment projects in Riyadh, Arab News reported.

The announcement was attended by Prince Faisal bin Bandar, Governor of Riyadh, who said investors would be given all the necessary details about the opportunities soon.

Projects include commercial and recreational parks, major residential units, five hotels with 1,900 rooms, 850-unit apartment buildings and five health facilities.

The UAE’s Majid Al-Futtaim Group is set to build a project over 866,000 square metres that will cost around $2.8 billion, it was reported.

It was also announced that an authority will be set up to provide an outline for the smart city concept and analyse how information technology can be used to provide better services to city residents.