Cayan Group, a leading Middle Eastern real estate developer, and MEFIC Capital, a Saudi Arabian financial services company, have entered into an investment fund deal to construct a commercial tower on King Fahd Road in Riyadh.
Cayan Group will act as the main developer on the project and will also be responsible for the sales and marketing of the scheme through the firm’s specialist subsidiaries.
The project, which is expected to begin in the third quarter of 2015, will address the robust demand for high-quality office space, and is expected to be a welcome addition to the growing development pipeline in Riyadh.
Ahmed Alhatti, President and Chairman of Cayan Group (pictured below), said: “We are glad to have this partnership with MEFIC Capital to build a state-of-the-art commercial tower in Riyadh.
“This reaffirms our commitment to providing our clients with a premier office address in the most sought after location in the city and is in line with our expansion strategy of further establishing our stronghold in Saudi Arabia.”
Ibrahim Al Hudaithi, Executive Board Member and Managing Director of MEFIC Capital added: “Signing this deal with the Cayan Group – which is widely reputed as one of the region’s premier real estate development companies – is a great milestone for us.
“This project proves to be both timely and strategic as there is a growing demand for office space in Saudi Arabia, particularly in Riyadh.
“We remain highly positive that this new project will be well received and play a major role in the country’s continuing move towards economic growth and development.”
Cayan Group Real Estate Investment and Development was founded in 2004 and has an extensive network of offices throughout Saudi Arabia and the UAE. The company’s portfolio features many prestige developments, including the celebrated Cayan Tower, which was this year recognised by the Guinness Book of Records as the tallest twisted tower in the world.
The joint venture project with MEFIC is expected to be completed by the third quarter of 2017, when both firms will relocate their headquarters to the new office tower.
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