Cayan Group signs property fund deal for Saudi project
Deal with MEFIC to set up fund for construction of commercial project in Riyadh
Cayan Group has signed an investment-fund deal with Saudi Arabia-based MEFIC Capital for the construction of a commercial property in Riyadh, the Gulf-based real-estate developer said in a statement.
The fund will be utilized for a project to be built on King Fahd Road, estimated for completion in the third quarter of 2017.
Cayan Group – which has offices in Riyadh and Dubai – will be the main developer of the project and also carry out the sales and marketing through subsidiaries, it said.
It did not give a value for the project, which will comprise quality office space. Construction is expected to begin in the third quarter of 2015, it said. Cayan and MEFIC are planning to base their headquarters in the tower, the company statement said.
“We are glad to have this partnership with MEFIC Capital to build a state-of-the-art commercial tower in Riyadh,” said Ahmed Alhatti, President and Chairman of Cayan Group. “This reaffirms our commitment to providing our clients with a premier office address in the most sought after location in the city.”
Cayan Group said in March it signed a deal with investment firm Shuaa Capital for a fund for the construction of a $272 million development in Dubai.