Construction work on the $320 million Riyadh Walk development in Saudi Arabia is set to commence in January, according to press reports.

A joint venture agreement has been signed between Raj Real Estate Company and Baseel Properties to develop the project, which will include a mall, boutique hotel and leisure facilities, the Saudi Gazette reported.

The project will cover an area of 137,000 square meters with a 650-metre façade, and is located in northern Riyadh. It will feature offices and cultural areas, it was reported.

“This project is a major step toward upgrading the commercial mixed-use projects in the kingdom,” said Ahmed bin Abdullah Bakarman, CEO of Baseel Properties Company.

“Riyadh Walk is the latest innovation in the Saudi real estate sector, and we have already begun working on the site and planning to begin construction in January 2016,” he added.

Baseel Properties specialises in real estate projects in various sectors, while Raj Real Estate focuses on real estate investment and the development of residential, commercial, medical, educational and industrial projects.