Cayan Group, a leading property developer, has joined hands with Saudi-based Al Ajlan Holding and Al Saeed for a new mixed-use development in the north of the Saudi capital Riyadh, estimated at SR1 billion ($266.66 million).
Renowned design consultant Khatib and Alami (K&A) has been appointed as the main consultant for the project.
Ahmed Alhatti, president and chairman of Cayan Group, said: “This alliance with leading investment groups is a new strategic dimension for Cayan, and 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.”
Meanwhile, in a joint statement, Abdulrahman Al Ajlan, chairman of Al Ajlan Holding Group, and Ahmed Al Saeed, chairman of Al Saeed Group said: “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.
“Co-operating with Cayan Group as a partner and master developer is an asset that will give added weight to the project, given its significant experience in the field.”
Founded in 2004, Cayan Group’s extensive portfolio includes a number of leading pioneering projects such as the Silverene Towers, Cayan Cantara, The Jewels, Dorrabay, Cayan Tower and Cayan Business Centre in the UAE; Layaly Compound, CMC 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 in 2015 as the globe’s tallest twisted tower standing at 307 m high, has become one of the most important architectural landmarks in the Gulf region.
The Saudi-based Cayan Group is also the winner of many international awards including CTBUH Best Tall Building Award 2014, Emporis Skyscraper Award 2014, Tower Project of the Year 2014, and Award for Innovation 2014.