- Major SAR 1.1 billion development to transform a
significant 103,000 square meter plot into a premium commercial hub
in Riyadh.
- Located on Prince Turki I Road, the project promises Grade
A office spaces and extensive amenities with excellent road
access.
- This partnership aims to enhance investor capital through a
focused, income-generating property strategy.
RIYADH, Saudi Arabia,
April 30, 2024 /PRNewswire/ --
Ezdihar Real Estate Development Company, in collaboration with
Al-Istithmar Securities and Brokerage Company (Al-Istithmar
Capital), the investment arm of the Saudi Investment Bank, proudly
announces the creation of a new real estate fund valued at
SAR 1.1 billion. This fund is focused
on the development of an international standard office and
commercial precinct in the vibrant heart of Riyadh.
This initiative targets the strategic development of a 103,000
square meter prime plot located on the King Saud University campus
along Prince Turki I Road. The planned commercial office complex
represents a unique real estate development opportunity, aiming to
become a landmark project in Riyadh.
The development is designed as a Grade A office park that will
feature state-of-the-art design and compelling amenities, setting a
new standard for modern business environments. Situated in the
sought after north/west district of Riyadh, the project will enjoy excellent
roadway access with direct connections to King Khalid International
Airport, and all the mega and giga projects driving the growth of
Riyadh. The location is centred in
the "growth engine" of Riyadh and
has been strategically chosen to attract leading businesses looking
for premium office space in a dynamic area.
The business plan focuses on building a strong income-generating
office complex that promises substantial returns for investors. A
lifestyle orientation is built into every aspect of the design,
incorporating significant green areas and ample circulation spaces
to enhance the workplace atmosphere. Additionally, the complex will
include multiple building types to accommodate a wide range of
tenant space requirements, ensuring flexibility and adaptability to
meet diverse business needs.
Mr. AbdulMohsen bin Fawaz AlHokair, CEO of Ezdihar Real
Estate Development Company, shared his enthusiasm about the
project, stating: "This project aligns seamlessly with our
commitment to provide distinctive, quality-oriented projects that
exceed our clients' expectations."
Mr. Khaled bin Abdulaziz
AlRayes, CEO of Alistithmar Capital, added: "Through
this partnership, we aim to meet and adapt to the evolving market
demands by offering high-quality, value-added investment
opportunities that optimize benefits and maximize returns."
This partnership represents a significant step in advancing
Riyadh's development as a leading
hub for real estate investment, further positioning Ezdihar Real
Estate Development and Al-Istithmar Capital at the forefront of the
region's real estate market.
About Ezdihar Real Estate Development:
Ezdihar, a dynamic force within the Fawaz Alhokair Group and
nurtured by Ezdihar Holding, is
transforming the real estate landscape in the Kingdom of Saudi Arabia. As a company
committed to enriching the quality of life, Ezdihar meticulously
crafts distinctive urban landscapes that blend seamlessly with the
rhythms of modern life. With a focus on creating exceptional living
spaces and iconic destinations, Ezdihar's visionary projects are
integral to the Kingdom's 2030 Vision, aiming to elevate standards
of living, working, and recreation. The company is set to achieve 1
million+ sqm of gross leasable area and deliver 2,000 residential
units by 2030, through its development in major cities underpinned
by four premier masterplans. Ezdihar is dedicated to enhancing
community well-being across Saudi
Arabia through innovative designs, astute financial
management, and a commitment to excellence in all phases of
development, from site selection to after-sales support.
Please visit www.Ezdihar.com.
About Al-Istithmar Capital:
Alistithmar for Financial Securities and Brokerage Company
(Alistithmar Capital) is a leading Saudi closed joint stock company
with a paid up capital of SR 250 Million, 100% owned subsidiary of
The Saudi Investment Bank. Licensed by the Capital Market Authority
(CMA) under license No. 11156-37 dated 02/06/2007, to provide
services in Dealing, Managing Investments and Operating Funds,
Arranging, Advising and Custody.
Alistithmar Capital provides views and analysis across different
asset classes, policies, and economies in both local and regional
market, through an expert team that strives to deliver outstanding
performance.
Please visit www.icap.com.
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