Companies say they are seeking avenues of cooperation towards the creation and management of a set of strategic real estate funds in Gulf kingdom
Dubai-based Shuaa Capital and Jabal Omar Development Company (JODC), one of the largest publicly-listed real estate companies in Saudi Arabia, on Tuesday announced plans to launch and manage real estate investment vehicles in the kingdom.
The two companies said they are seeking avenues of cooperation towards the creation and management of a set of strategic real estate funds directed towards managing the development and expansion of centrally located real estate hotspots across the Saudi Arabia.
Shuaa Capital, through its subsidiary Shuaa Capital Saudi Arabia, has been successfully running a series of real estate funds and managing the development of prime projects, having delivered hospitality properties in Jeddah, Riyadh and soon in Dammam.
It also recently announced the ground-breaking SR1.4 billion mixed-use development in Wadi Al Hada in Riyadh.
Jabal Omar Development Company's flagship project, Jabal Omar, is a multi-use real estate mega development project within a walking distance of The Grand Mosque of Makkah.
Jabal Omar CEO, Yasser Al-Sharif said: “We are delighted with the strategic partnership with Shuaa and the potential business that we envisage to develop together, given their track record and experience in real estate in the Kingdom of Saudi Arabia. This MoU demonstrates commitment to our strategy to build new strategic relationships with key stakeholders in the region."
Jassim Alseddiqi, chairman, Shuaa Capital, added: “We are delighted to be partnering with Jabal Omar on upcoming real estate investment projects throughout Saudi Arabia.”