Riyad Capital launches $266mln mixed-use project in Abha
Riyad Capital, one of the largest asset managers and a pioneering real estate investment company in Saudi Arabia, has announced the launch of its premium project - Shalalat Abha - being set up at an investment of more than SAR1 billion ($266.4 million) in collaboration with Mdr Development.
The deal was inked on the sidelines of the Aseer Investment Forum held at King Khalid University in Abha, under the patronage of Turki bin Talal Al Saud, Governor of Asir Region.
Unveiling the key development, Riyad Capital said this marks its first real estate development initiative in the kingdom's southern region.
Spanning over one million sq m area in the city of Abha, the project is in line with Riyad Capital's strategy to expand and diversify its real estate portfolio geographically, with a strategic emphasis on high-potential regions such as Aseer - currently undergoing rapid transformation through the ambitious 'Aseer Development Strategy,' which aims to enhance urban environments and promote sustainable economic growth.
The essential infrastructure works are being implemented by Mdr Development. These works will ensure the readiness of the land for future development for multi-purpose use, including commercial, tourism, entertainment, and residential purposes.
Commenting on the launch, CEO Dr Abdullah Alshwer said: "The launch of the Shalalat Abha Project marks a new and distinguished milestone in our real estate expansion plans. This step comes at a time when the Aseer region is undergoing strategic transformations, positioning it as one of the kingdom's most attractive investment destinations given its promising natural and economic potential."
"We believe this project will have a tangible social and economic impact on the region, contributing to improved quality of life and providing diverse residential and commercial offerings," he stated.
Mdr Development CEO Engineer Hamad Al Meshaal said: "The Shalalat Abha Project is one of the most distinctive in the region and represents a qualitative addition to Aseer. Mdr Development places great emphasis on this project as one of its key development priorities."
"We expect the project to significantly enhance tourism and investment and help drive development across the region," he noted.
Strategically positioned to the east of Abha, the project benefits from proximity to Abha International Airport and King Khalid University, while enjoying a central location amid key services and landmarks.
Infrastructure development is set to commence in Q2, with the development completion expected to be within the following two years, said Al Meshaal.
As Riyad Capital's inaugural real estate venture in the southern region, this project underscores the
company's dedication to fostering regional growth across the kingdom and delivering compelling investment opportunities to both local and international stakeholders, he added.- TradeArabia News Service
Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
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