Saudi’s Cayan Group announces new strategic project in Jeddah at MIPIM
Cayan Group, the leading Saudi property developer in the Middle East, announced plans for a new mega project at the Obhur waterfront in Jeddah. Attending the world’s leading property market, MIPIM in Cannes, France, Cayan Group outlined some details of the planned project, and signed the architectural contract with Nikken Sekkei, the leading architectural firm which was also presented Cayan’s Cantara project in Dubai, UAE.
Cayan’s new project will sprawl across a built-up area of 140,000 sqm at a cost of SAR 1.2billion ($320mln) and will consist of two towers: one a 5-star hotel and the other branded residences offering high-end living. This is another foray for Cayan Group into the hospitality sector in the Middle East, signalling its commitment to investing in the growing sector in Jeddah and elsewhere.
Ahmed Alhatti, Chairman of Cayan Group commenting on the decision to invest in Jeddah said, “Saudi Arabia is Cayan Group’s home ground. We have wanted to expand our brand in the market, but more importantly we have wanted to extend our support and fulfil our commitment towards the local economy and be part in pushing the economic wheel and nourishing Saudi’s real-estate sector with quality projects & iconic designs.”
The mixed-use project is developed in Jeddah to take advantage of the city’s growing prominence amongst visitors and residents. Riding on the development of the Jeddah Economic City, the real estate and hospitality sectors are gathering pace and building an opulent skyline. The hospitality sector in Jeddah is influenced by local demand, and pilgrims, and as such is a resilient sector with good ROI potential.
“On an operational level, the expansion of our brand to Jeddah will increase our brand awareness, and market share in Saudi Arabia,” commented Ahmed Alhatti, Chairman of Cayan Group. “We believe the construction of this new project on the Obhur waterfront in Jeddah will integrate well into the beautiful natural scenery of the city, and the burgeoning economic development,” he added.
Nikken Sekkei, the award winning architectural firm offers comprehensive professional consultancy on real estate projects and it has been at the forefront of iconic and unique buildings across the world. Some examples of the firm’s prowess are the Yamaha Ginza, Hoki Museum, Guangzhou Library, and is currently involved in many projects across the Middle East including the UAE and Saudi Arabia.
“We are happy to be a part of yet another Cayan Group project. The beauty and uniqueness of these projects inspire us all. We look forward to capturing Cayan Group’s vision, integrating the project with the natural beauty of the Obhur waterfront and contributing towards the completion of this project. This fulfilling partnership intends to bring along another great product that is in line with Cayan Group’s veneration to innovation & excellence’’ said Kamei Tadao, President, Nikken Sekkei.
Source: Cayan Group