Cayan Investment and Development Company, one of the regional leading real estate developers, has announced a joint venture with Arbah to develop 32,000 square metres of prime real estate along Jeddah’s northern coastal road. The agreement represents an investment of more than 1 billion SR and was signed last week by Cayan’s Chairman, Mr. Ahmad AlHatti and Arbah’s Chairman Mr. Bader Al Zahrani at Riyadh’s leading Real Estate Exhibition.
The groundbreaking project will include luxury residential apartments, world class offices as well as a commercial centre and premier shopping facilities. Also planned for the landmark development is a host of fine dining, entertainment and leisure facilities. The development will also feature at its heart, one of Saudi’s tallest skyscrapers.
Mr Ahmad AlHatti, Chairman of Cayan, said: “The signing represents a ground breaking development for both Cayan and Arbah and will set new benchmarks for property development in the Kingdom while transforming 200 metres of spectacular coastal real estate.
“The Kingdom of Saudi Arabia represents an important market for Cayan. We are committed to developing world class properties and delivering innovative real estate to the growing Saudi property market. Above all we are thankful for the unlimited support received from the leadership of the Kingdom which has enabled us to develop such an innovative project.”
Situated on the picturesque coast of Jeddah the development overlooks the Red Sea, renowned for its offshore coral reef, and offers stunning panoramic views of the surrounding natural beauty. Located within easy reach of the King Abdulaziz International Airport, the latest Cayan real estate project is ideally situated as a gateway to Saudi’s commercial centre.
The recent signing follows Cayan’s Infinity Tower in Dubai, and marks the first in a series of Cayan projects to be developed throughout the Kingdom. The joint venture also represents the company’s commitment to investing in Saudi Arabia.
Cayan projects cover the spectrum from exclusive residential property to commercial projects. The company handles every aspect of corporate activities including sourcing the right location and land for investment; developing the project concept; financial modeling; project management; stakeholder management (including consultants, architects and contractors); shareholder management and successful project execution.
