Saudi Arabia appoints property executive to head Riyadh royal commission

Saudi Arabia on Tuesday named Fahad Al-Rasheed as head of a royal commission to develop the capital Riyadh where the government has said it would spend 86 billion riyals ($23 billion) to boost the quality of life. King Salman appointed Al-Rasheed in a royal order published on the state Saudi Press Agency. Rasheed had served as chief executive of Emaar Economic City, a subsidiary of Dubai's largest listed developer Emaar Properties.

Saudi authorities in March announced projects to increase green space and recreational areas in Riyadh as part of a series of planned development investments across the kingdom.