Mohammed Al Habib Real Estate, a leading property development company in Saudi Arabia, has announced that one of its key units – Azure – has launched the landmark Lamara project, a premium community development in Riyadh.

The launch was held in collaboration with SAB Invest, bringing together expertise in development, real estate investment, and master planning.

The project is part of SAB Invest’s wider SAR3 billion ($816 million) local real estate strategy, yielding an impressive 19 per cent internal rate of return (IRR) for the fund’s investors.

The unveiling follows SAB Invest’s successful divestment of Lamara residential project, acquired in partnership with Mohammed Al Habib Real Estate at a total investment of SAR268 million ($71.3 million).

Azure is set to launch multiple projects per quarter as part of a broader vision to manage up to 20,000 residential units in Riyadh by 2030.  Backed by Mohammed Al Habib Real Estate’s legacy of over 50 completed projects across 10 cities, Azure currently serves over 13,680 residents across 12 compounds and 3,639 residential units.

“Lamara is just the beginning. As Azure expands its footprint across Riyadh, we are creating vibrant, high-quality communities that align with Vision 2030,” remarked its CEO Abdullah Al Habib.

“Leveraging our expertise in pioneering strategic masterplans and unique urban developments, we remain dedicated to crafting neighbourhoods that truly reflect and elevate the way people live and connect,” he added.