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Thursday,14 January,2016
Cayan Group, one of the Middle East’s leading real estate developers, and Al Inma Investment (the investment arm of Al Inma Bank) announced that they have signed a real investment fund deal that will operate under the Saudi Arabian Capital Market Authority (CMA) and current laws in Saudi Arabia, after finalizing all the official permits .the new project will be located on a strategic location in the north of Riyadh and will see Cayan Group take on the role of the main developer of the project.
Ahmed Alhatti, President and Chairman of Cayan Group, said: “Our partnershipwithAlInma Investment to developa mixed-use project confirms our commitment to providing our clients with prime options inpreferred locations. This collaborationalso boosts our expansion strategy of further establishing our stronghold in the Kingdom of Saudi Arabia.”
Saleh Alhenaki, CEO of ALInma investment further added, “Riyadh’s property market is witnessing rapid growth bringing with it increasing demand for real estate units, thus attracting real estate investors from the region and outside.We are pleased to be collaborating with Cayan Group on this project which we believe will constitute a compelling investment opportunity that will generate value for investors, Along with our strong relation with Cayan Group, we will announce other master projects around the Kingdom”
Founded in 2004, Cayan Group has a long track record of developing a range of well-known real estate projects across the region, notably the Cayan Tower located in the Dubai Marina, Silverene Towers, The Jewels and Dorrabay all located in the UAE, as well as Layaly Compound and Samaya in Saudi Arabia and Broumana Lands in Lebanon. The Group’s prestigious real estate project, Cayan Tower, officially declared by the Guinness World Records as the globe’s tallest twisted tower standing at 307 meters high, has become one of the most important architectural landmarks in the Gulf region.
