Saudi Cayan Group to launch SAR 1 bln project in Jeddah
Cayan Group, a Riyadh-based real estate investment firm and developer, on Wednesday unveiled plans for a new SAR 1.2 billion mixed-use project at the Obhur waterfront in Jeddah, the company said in a statement.
Japan’s leading architectural firm, Nikken Sekkei, which also presented Cayan’s Cantara project in Dubai, was picked as the project architect.
The new development, which will be built on a total area of 140,000 square meters, will comprise of a five-star hotel and a luxury residential tower.
The project seeks to capitalize on Jeddah’s prominence, along with the growing momentum of the real estate and hospitality sectors on the back of the Jeddah Economic City development.
“On an operational level, the expansion of our brand to Jeddah will increase our brand awareness, and market share in Saudi Arabia,” the company’s chairman Ahmed Alhatti, said on the sidelines of the world’s leading property market, MIPIM 2017.
Cayan had earlier developed Cayan Tower and Dorrabay residential project in Dubai.