Ajdan Real Estate Development and Aljazira Capital have signed a contract to establish a project valued at approximately SR2 billion, which will involve the construction of mixed-use towers and the establishment of the Aljazira Ajdan Real Estate Fund. This was a continuation of the two organizations’ prior strategic partnerships as well as a new one.
The project, which occupies more than 21000 square meters, is situated at the intersection of King Fahd Road and King Abdullah Road, two important thoroughfares, in the Al-Rahmaniyah district, right in the center of Riyadh. Major landmarks like King Saud University, King Salman Park, Kingdom Tower, Dallah Hospital, Dr. Sulaiman Al-Habib Specialist Hospital, King Saud University, and the Ministry of Municipalities and Housing are also nearby. The project benefits from this prime location, which offers a lively and convenient atmosphere that makes living and working there realistic.
The project includes high-quality towers on King Fahd Road that will be constructed with the newest technologies and architectural standards to represent a new destination that will enhance the lifestyle. It is going to be a well-known landmark on par with Riyadh’s most well-known landmarks.
Numerous opulent residential units featuring various models, varied spaces, and integrated services are part of the project, offering individuals and families unique and uncommon chances to live in an opulent and comfortable world. In addition, the project features a chain of cafes, upscale dining establishments, retail establishments, green areas, and family-friendly entertainment venues, as well as modern work spaces through commercial units. As a result, the project will become a vibrant hub of modern living, advancing the idea of development and real estate investment in the Saudi market and offering astute real estate solutions.
Mohammed Al-Otaibi, CEO of Ajdan Real Estate Development Company, expressed his happiness over the launch of the fund project through materializing a strategic and ideal partnership with Aljazira Capital. He said: “The Aljazira Ajdan Real Estate Fund represents an extension of our diverse and multiple partnerships with Aljazira Capital.” “In the same context, this aligns with the target of Ajdan to contribute to qualitative projects and quality of life programs, by developing projects that cater to the desires and aspirations of customers and investors. At the same time, it meets the growing demands for residential and commercial units,” he said while noting that this project comes to meet all these goals.
For his part, Naif Al-Misnad, CEO and Managing Director of Aljazira Capital said that the launch of the fund project comes in line with Aljazira Capital’s strategy based on providing a comprehensive and diverse group of unique investment products and services, including real estate. “This is in accordance with strategic partnerships with several entities, including Ajdan Company, with which we have several real estate investment projects. We are committed at Aljazira Capital to provide a comprehensive system of services and investment solutions to our clients and partners, in a way meeting their ambitions and aspirations,” he pointed out.
Notable is the establishment of Ajdan Real Estate Development Company in Al-Khobar in 2016. The company was founded with a distinct vision for quality-of-life projects that include plenty of luxury and real estate development.
Through its operations, the company is eager to provide multi-use projects that cater to a variety of societal segments, including residential, commercial, hospitality, and entertainment. This is intended to fulfill the responsibility it has assumed to assist the real estate development industry in creating numerous cutting-edge, essential projects in the Kingdom’s major cities, such as Riyadh, Al-Khobar, and Jeddah.
