Cayan Group, the leading Saudi property developer in the Middle East, reveals plans for a new mega project at the Obhur waterfront in Jeddah.
At the world’s leading property market, MIPIM in Cannes, France, Cayan Group outlined some details of the planned project, and signed the architectural contract with Nikken Sekkei, the leading architectural firm, which was also presented Cayan’s Cantara project in Dubai, UAE.
Cayan’s new project will sprawl across a built-up area of 140,000 sq m at a cost of SR1.2 billion ($320 million) and will consist of two towers: one a five-star hotel and the other branded residences offering high-end living. This is another foray for Cayan Group into the hospitality sector in the Middle East, signalling its commitment to investing in the growing sector in Jeddah and elsewhere.
Ahmed Alhatti, chairman of Cayan Group, says, “Saudi Arabia is Cayan Group’s home ground. We have wanted to expand our brand in the market, but more importantly we have wanted to extend our support and fulfil our commitment towards the local economy and be part in pushing the economic wheel and nourishing Saudi’s real-estate sector with quality projects and iconic designs.”
The mixed-use project is developed in Jeddah to take advantage of the city’s growing prominence amongst visitors and residents. Riding on the development of the Jeddah Economic City, the real estate and hospitality sectors are gathering pace and building an opulent skyline. The hospitality sector in Jeddah is influenced by local demand, and pilgrims, and as such is a resilient sector with a good potential for returns on investment.