Riyadh, 16 September 2024 – In a strategic move that builds on their ongoing collaboration, Ajdan Real Estate Development Company has entered into a new agreement with AlJazira Capital to develop a mixed-use project in the heart of Riyadh, valued at nearly 2 billion riyals. The project will involve the creation of mixed-use towers and the establishment of the "AlJazira Ajdan Real Estate Fund."
Located in the Al-Rahmaniyah district, a prime area in Riyadh, the project covers over 21,000 square meters at the intersection of two major thoroughfares: King Fahd Road and King Abdullah Road. Its strategic location is close to key landmarks, including the Ministry of Municipal and Rural Affairs, King Abdullah Financial District (KAFD), King Saud University, King Salman Park, Kingdom’s Tower, Dallah Hospital, and Dr. Sulaiman Al Habib Hospital, making it a highly desirable site for both residential and commercial purposes.
The development will feature iconic towers along King Fahd Road, designed to the highest architectural standards and incorporating the latest construction technologies. It aims to create a vibrant destination that will enhance the local lifestyle and stand out as a new landmark in Riyadh. The project will offer an array of luxurious residential units in various designs and sizes, providing a fully serviced living experience tailored to the needs of individuals and families seeking luxury and comfort. It will also include state-of-the-art workspaces, commercial spaces, a variety of cafes and fine dining restaurants, retail outlets, green areas, and family entertainment zones, creating a dynamic modern destination. The initiative seeks to redefine real estate development and investment in Saudi Arabia by offering innovative and smart real estate solutions.
Commenting on the new venture, Mr. Mohammed Al-Otaibi, CEO of Ajdan Real Estate Development, expressed his enthusiasm for the project and emphasized the value of the partnership with AlJazira Capital. He said, "The 'AlJazira Ajdan Real Estate Fund' is an extension of our longstanding collaboration with AlJazira Capital. It reflects Ajdan's commitment to developing high-quality projects that align with the Kingdom's quality of life initiatives and cater to the growing demand for residential and commercial properties. This project embodies our dedication to meeting the aspirations of both customers and investors."
Mr.Naif Almesned, CEO and Managing Director of AlJazira Capital, added that the launch of the new fund aligns with AlJazira Capital's strategy to offer a diverse range of innovative investment products and services, including real estate. "At AlJazira Capital, we are dedicated to delivering a comprehensive suite of investment solutions to our clients and partners, meeting their diverse needs and ambitions through strategic partnerships, such as our ongoing collaboration with Ajdan," he stated.
Founded in 2016 in Khobar, Ajdan Real Estate Development is a leader in creating luxury, mixed-use real estate projects that enhance the quality of life. The company is committed to delivering a range of residential, commercial, hospitality, and entertainment developments across Saudi Arabia's major cities, including Riyadh, Khobar, and Jeddah. For more information, please visit www.ajdan.com.
