Riyad Capital announces $270mn project in Saudi city of Abha
Riyad Capital, one of the largest asset managers and a real estate investment company in Saudi Arabia, has launched its first real estate development initiative in the Southern region.
The Shalalat Abha Project, in collaboration with Mdr Development, will be valued at over SAR1 billion (US$270 million).
A total area of approximately one million square meters will be developed in the city of Abha. Mdr Development will execute the essential infrastructure works, which will ensure the land is ready for future development for commercial, tourism, entertainment, and residential use.
Strategic southern expansion
As Riyad Capital's inaugural real estate venture in the southern region, it is in line with the company's objectives to foster regional growth across the Kingdom and deliver compelling investment opportunities to both local and international stakeholders.
Located in the east of Abha, the project benefits from proximity to Abha International Airport and King Khalid University. Infrastructure development will begin in the second quarter of 2025, and is expected to take two years for completion.
Abha, the capital of Aseer Province, is situated at an altitude of 2,270 meter, and is a well-known tourism destination because of its natural beauty and the proximity to the sea.
Aseer is currently undergoing rapid transformation through the ambitious ' Aseer Development Strategy,' which aims to enhance urban environments and promote sustainable economic growth.
Dr Abdullah Alshwer, CEO of Riyad Capital, commented: '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 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.'
Hamad Al-Meshaal, CEO of Mdr Development, added: '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 priorities. We expect the project to significantly enhance tourism and investment and help drive development across the region.'
Riyad Capital, through its four businesses – asset and wealth management, brokerage, corporate investment banking, and securities services –offers end-to-end investment management solutions. It is recognised as a pioneer in the Saudi real estate market, having launched the country's first listed REIT (Riyad REIT) in 2016. The company's real estate portfolio, spanning three continents, has reached a total value exceeding US$6 billion.
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