Cayan Group, one of the Middle East’s leading real estate developers, and MEFIC Capital a Saudi Arabia-based financial services company announced that they have signed a real investment fund deal will be utilized in the construction of a commercial project to be located on a strategic location along the King Fahd Road in Riyadh and will see Cayan Group take on the role of the main developer of the project.
As part of the agreement, Cayan Group’s scope of work also includes the sales and marketing of the project through it’s specialized subsidiaries. The project will address the growing demand for quality office space and the construction is expected to begin in the third quarter of 2015.
The new tower will be a welcome addition to the increasing number of commercial developments in Riyadh. In addition, the tower will possess a host of facilities such as a state-of-the-art gymnasium and screen feature on top of the building among others.
Cayan and MEFIC are planning to have their head quarter offices in this tower.
Ahmed Alhatti, President and Chairman of Cayan Group, 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.”
“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,” added Ibrahim Al Hudaithi, Executive Board Member & Managing Director of MEFIC Capital.
The project has also been awarded to Consolidated Consulting Group and is estimated to be completed by the third quarter of 2017. Founded in 2004, Cayan Group-Real Estate Investment and Development is a leading international real estate investment and development group supported by an extensive network of offices in Saudi Arabia and the UAE.
The company’s growing client base includes more than 2,000 customers from all over the world. Its portfolio encompasses a number of leading pioneering projects such as the Cayan Tower, Silverene Towers, The Jewels, Dorrabay, Cayan Business Center, in the UAE; Layaly Compound and Samaya in Saudi Arabia; and Broumana Lands in Lebanon. The Group’s prestigious real estate project, Cayan Tower, officially declared by the Guinness World Records in 2015 as the globe’s tallest twisted tower standing at 307 meters high, has become one of the most important architectural landmarks in the Gulf region.