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Sat 20 Jan 2007 12:00 AM

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Cayan teams up with Baraka for Saudi resi

Dubai-based Cayan Investment and Development Company has teamed up with Baraka Real Estate of Saudi Arabia to develop a US $1.6 billion (SR6 billion) housing project in Makkah, Saudi Arabia

Dubai-based Cayan Investment and Development Company has teamed up with Baraka Real Estate of Saudi Arabia to develop a US $1.6 billion (SR6 billion) housing project in Makkah, Saudi Arabia.

The project will be spread over five million m
2

and will be made up of housing units, a mosque and shopping and entertainment centres.

"We decided to work with Cayan because they share our vision and passion," said Hassan Al Qah'tani, CEO, Baraka Real Estate Company.

The joint venture agreement, which was signed last November, will consolidate the resources and expertise of both companies for the project.

"Our aim is to combine distinctive architectural aesthetics with world-class services that will make this real estate project a benchmark for modernity, design and conveniences in the industry," said Ahmad Al Hatti, chairman of Cayan Investment and Development Company.

Cayan has developed several residential and commercial towers including Infinity, the world's first twisting tower.

It is also behind the construction of four towers in Dubai Marina.

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