By Staff writer
Developer inks deal with Al Ajlan Holding and Al Saeed to build project north of Saudi's capital city
Saudi-based developer, Cayan Group, has announced a new partnership to build a new SR1 billion ($266.6 million) mixed-use project north of Riyadh, the Gulf kingdom's capital city.
Cayan said in a statement that it is collaborating with Al Ajlan Holding and Al Saeed to develop the project, adding that Khatib & Alami has been engaged as the main design consultant.
No further details were given about the project but Ahmed Alhatti, president and chairman of Cayan Group, said: "We believe that this collaboration is an extension of the successes we have achieved and we are still achieving, and we look forward to developing a project in line with our clients aspirations."
Abdulrahman Al Ajlan, chairman of Al Ajlan Holding Group and Ahmed AlSaeed, chairman of Al Saeed Group, added: "The three groups have been working on this partnership for a while, and have established it for the purpose of implementing a project on a par with the level of such an alliance and in line with the highest standards required by the most prestigious clients in Riyadh.
"Cooperating with Cayan Group as a partner and Master Developer of the project is an asset that will give added weight to the project, given its significant experience in the field."
Founded in 2004, Cayan Group's portfolio includes the Silverene Towers, Cayan Cantara, The Jewels, Dorrabay, Cayan Tower and Cayan Business Center in the UAE; Layaly Compound, CMC and Samaya in Saudi Arabia; and Broumana Lands in Lebanon.
The company's Cayan Tower project in Dubai Marina was officially declared by the Guinness World Records in 2015 as the world's tallest twisted tower standing at 307 metres high.