Dar Al Arkan Real Estate Development Co, leading Saudi Arabia-based major developer has decided to invest 7.5 billion riyals (Dh7.4 billion) over a period of five fiscals on a new residential project in Jeddah.

The sources informed that the construction of the new integrated project, which will have more than 10,000 units as well as leisure and shopping facilities, in addition to schools, will commence in fiscal 2010.

Sources added that the first stage of the Shams Al Arouss property project will entail an investment of 1.5 billion riyals as well as will include the construction of 2,000 housing units.

As per official sources, the funding of the project will be done from various sources that comprise revenues from the project, cash flow from the company's operations as well as external financing.

Dar Al Arkan has registered a dip of 14.4% in third-quarter net profit.