Gulf developer Cayan enters Europe with Spanish joint project

Boats are seen at Banus port in Marbella, on the Costa del Sol, southern Spain. (File photo: Reuters)

Real estate developer Cayan – which last year inked several large deals with Saudi-based firms – is set to expand into Europe, announcing this week that it would develop a joint project in Spain.

The developer, which has offices in the UAE and Saudi Arabia, is teaming up with Spanish builder Sarena to develop a project on the Costa del Sol resort region near Marbella.

“The European real estate market is going through a lucrative phase with hardly any signs of easing up,” said the firm in a press release.

The release added that it was Cayan’s “strategic decision to penetrate the European market during this time and be part of this gainful period.”

The group’s developments include the 307-meter high Cayan Tower in Dubai, the world’s tallest twisted building.

Last Update: Wednesday, 20 May 2020 KSA 09:46 - GMT 06:46