Memorandum of Understanding for the Establishment of a Real Estate Fund between Ajdan Real Estate Development Company and MASIC Investment Company, under the management of SEDCO Capital.
February 2024: The Real Estate Restatex Exhibition held in Riyadh from February 18 to February 21, 2024, witnessed the signing of an agreement to establish a real estate investment fund for the development of a mixed-use project in Jeddah, named "Grand Square." The parties involved are Ajdan Real Estate Development Company as the developer, marketer, and operator, MASIC Investment Company as the owner of the project's land, and SEDCO Capital as the fund manager. "Grand Square" is situated on a total area of 47,060 square meters in a prime location on King Abdulaziz Road in Jeddah. Mr. Abdulrahman Al Muhaidib, the Investment Director representing Ajdan Real Estate Development Company, Mr. Hani Halwani, the CEO representing MASIC Investment Company, and Mr. Abdulwahab Abed, the CEO of Investment representing SEDCO Capital, attended the signing ceremony.
Engineer Mohammed bin Abdulmohsen Al Otaibi, CEO of Ajdan, highlighted that the development of multi-use projects contributes to enhancing the quality of life and urban design in Saudi cities, making a significant economic and touristic impact by creating unique destinations that align with the Kingdom's Vision 2030 developments. It is worth mentioning that "Grand Square" includes an integrated system of various components, including commercial, residential, office, and hotel buildings, with design details expected to be announced soon.
Hani Halwani, CEO of MASIC Investment, stated, "Our partnership in establishing this real estate fund for the 'Grand Square' project reflects our joint commitment to investing in high-value-added real estate projects, contributing to driving economic growth and promoting tourism in the Kingdom." He sees the project as a turning point in Jeddah's real estate market, setting new standards for quality, design, and sustainability.
Abdulwahab Abed, CEO of Investment at SEDCO Capital, emphasized the strong momentum in the real estate sector in the Kingdom, especially with the rapid progress towards achieving the goals of Vision 2030 and the accompanying developmental projects and economic prosperity. He added that "Grand Square" will provide unique opportunities for both tenants and investors due to its strategic location on King Abdulaziz Road in Jeddah, close to many prominent destinations. Abed pointed out that multi-use properties offer the opportunity to achieve stable and sustainable financial returns. He also affirmed SEDCO Capital's selective approach to real estate investment, aligned with Sharia principles, expressing his anticipation for close collaboration with Ajdan Real Estate Development Company and MASIC Investment Company as strategic partners with a rich track record in similar projects.
