Cayan partners with two Saudi firms for $266m Riyadh project
Developer in alliance with Al Ajlan, Al Saeed for mixed-use development north of Riyadh
Real estate developer Cayan Group has signed an alliance with two Saudi Arabia-based investment firms to build a SAR 1 billion ($266m) mixed-use project in Riyadh, according to a company statement.
Cayan said it was collaborating with Saudi Arabia-based partners Al Ajlan Holding and Al Saeed for the project, situated north of the city.
The design consultant Khatib & Alami (K&A) has been engaged as the main consultant for the project, Cayan Group said.
Cayan Group, which has offices in Saudi Arabia and the UAE, will act as master developer of the project, the statement said.
“This strategic alliance with leading investment groups (Al Ajlan Holding & Al Saeed) is a new strategic dimension for Cayan, and we believe that this collaboration is an extension of the successes we have achieved and we are still achieving,” said Ahmed Alhatti, President and Chairman of Cayan Group.
The group’s developments include the Cayan Tower in Dubai, the world’s tallest twisted tower, which stands 307 meters high.
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