Saudi Cayan mulls buying plots in Dubai South

Saudi developer Cayan Group is looking to buy land in Dubai South, formerly known as Dubai World Central, the company’s chairman Ahmed Alhatti told Zawya Projects.

The Riyadh-based firm has been invited to look at plots in the master development located near the Expo 2020 site, Alhatti said, adding that a decision would be made after receiving the master plan details.

“So far most of the development there has been staff housing, which is not our specialty. But they promised us that there [will be] more nice developments from them,” he said, adding that the community will need to be able to still attract people once the Expo is over.

Earlier this month, Dubai granted foreign developers and investors the rights to absolute ownership—without a specific time frame—of land and properties located in plots 205, 206 and 207 in Dubai World Central. The ruling also gives owners the right to benefit from and lease lands and properties in these plots for up to 99 years.

Cayan Group’s portfolio features projects like Samaya and CMC Tower in Riyadh, and Cayan Tower, The Jewels and Dorrabay in Dubai. The developer announced earlier in June that its CMC Tower prject, being built at a cost of SAR 100 million in Riyadh, is nearing completion ahead of schedule.