Riyad Capital Launches Shalalat Abha Project with a Value Exceeding SAR 1 Billion in Collaboration with Mdr Development
Riyad Capital, one of the largest asset managers and a pioneering real estate investment company in Saudi Arabia, announced the launch of the Shalalat Abha Project, with a value exceeding SAR 1 billion, in collaboration with Mdr Development, on the sidelines of the Aseer Investment Forum held at King Khalid University in Abha, under the patronage of HRH Turki bin Talal Al Saud, Governor of 'Asir Region. The project marks Riyad Capital's first real estate development initiative in the Southern region.
The project aims to develop a total area of approximately one million square meters in the city of Abha, including the execution of essential infrastructure works 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. 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.
Commenting on the launch, Dr. Abdullah Alshwer, CEO of Riyad Capital, 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.'
Eng. Hamad Al-Meshaal, CEO of Mdr Development, stated:
'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.'
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 the second quarter of 2025, with the development completion expected to be within the following two years. 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.
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