Cayan Group enters alliance for $266.6m project in Riyadh
The developer will collaborate with Al Ajlan Holding and Al Saeed for the project in Riyadh
The Middle East property developer Cayan Group says it is collaborating with two Saudi-based firms, Al Ajlan Holding and Al Saeed, for a new SAR1 billion ($266.6m) mixed-use development in the north of Riyadh.
Design consultants Khatib & Alami have also been appointed as the main consultant of the upcoming project, according to a company statement.
“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,” said Ahmed Alhatti, President and Chairman of Cayan Group.
Founded in 2004, Cayan Group’s portfolio includes projects in the UAE, Saudi Arabia and Lebanon. The developer’s Cayan Tower development in Dubai Marina holds a Guinness World Record for the world’s tallest twisted tower, standing at 307m high.
Last month, the Saudi firm announced that it had awarded an enabling contract to Turkey’s Zetas Zemin Teknolojisi for its upcoming development in Dubai, Cayan Cantara, located on the Umm Suqeim road. The project, comprising of residences, hotel apartments, retail shops and restaurants, will see Cayan Group as the main developer, Nikken Sekkei as the international architects, and Dewan Architects as the local architects. It is estimated to be complete by the fourth quarter of 2018.
