Cayan and Arbah tie up to develop project in Jeddah
US $267 million investment will see massive mixed-use coastal scheme spring up next to the Red Sea
Cayan Investment and Development Company and Arbah have entered into a joint venture to develop 32,000m2 of prime real estate along Jeddah’s northern coastal road.
The project will have a total investment value of more than
US $267 million (SR1 billion).
It will include residential apartments, offices, as well as a commercial centre and shopping facilities. Also planned for the development is a host of dining, entertainment and leisure facilities. The project will also feature one of Saudi’s tallest skyscrapers.
Ahmad Al Hatti, chairman, 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 200m of spectacular coastal real estate.
“The Kingdom of Saudi Arabia (KSA) 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.”
The recent signing follows Cayan’s Infinity Tower in Dubai, and marks the first in a series of Cayan projects to be developed throughout KSA. The joint venture also represents the company’s commitment to investing in the kingdom.
Cayan projects cover the residential and commercial sectors. The company handles every aspect of corporate activities including sourcing the right location and land for investment;
developing the project concept; financial modelling; project
management; stakeholder management (including consultants, architects and contractors); shareholder management and project execution.