KAEC SIGNED MOU WITH NEF AT CITYSCAPE GLOBAL TO DEVELOP NEW HOTEL, RETAIL, AND RESIDENTIAL PROJECTS
RIYADH, Saudi Arabia, Nov. 18, 2025 /PRNewswire/ -- During this year's Cityscape Global, King Abdullah Economic City (KAEC) signed a MoU with Nef, is a leading global real estate developer with a footprint spanning across 3 continents, 7 countries and over 85 landmark projects completed to date. The partnership sets the stage for new hotel, retail, and residential projects that reflect the city's ambition to bring forward global ideas and high-quality development concepts. King Abdullah Economic City (KAEC) is a PIF company, one of the world's largest sovereign wealth funds with close to 925 billions USD of assets under management. King Abdullah Economic City (KAEC) is a world-class investment hub and a thriving transformative urban destination that bridges competitive industries with future-ready opportunities. Positioned as a catalyst for Saudi Arabia's Vision 2030, KAEC spans 185 million square meters along the Red Sea coast north of Jeddah, offering a seamlessly integrated ecosystem for businesses, residents, and visitors alike.
Prof. Dr. Emrullah Isler, Turkish Ambassador to Saudi Arabia, attended the ceremony, where Abdulaziz Alnowaiser, CEO of KAEC, and Erden Timur, Chairman of Nef, formalized the partnership.
Abdulaziz Alnowaiser, CEO of KAEC, commented: "Our collaboration with Nef reflects KAEC's commitment to expanding its residential and lifestyle offerings through partnerships with leading developers. This agreement represents the next chapter in our journey to build a modern, sustainable city that brings together innovation, community, and quality of life. By working with global partners, we are turning KAEC's long-term vision into reality as a thriving destination where people can live, work, and enjoy."
Building on this, Erden Timur, Chairman of Nef, noted: "We are proud to work with KAEC in shaping the future of modern urban living in Saudi Arabia. At Nef, we design with people in mind, creating spaces that offer genuine value and meaningful experiences. This partnership allows us to bring our design philosophy and international expertise to one of Saudi Arabia's most promising and dynamic destinations."
The partnership strengthens KAEC's role as a growing hub for innovation, tourism, and investment. It also supports Saudi Arabia's wider economic goals by creating jobs, encouraging private sector participation, and driving sustainable growth across the region. The agreement contributes to KAEC's momentum in developing vibrant residential, retail, and hospitality districts that serve the needs of a diverse and growing community.
As a global developer operating from Central Asia to North America, Nef has delivered more than 45,000 title deeds and continues to expand rapidly with a land portfolio exceeding 25 million sqm. The company is uniquely positioned in the industry as the only developer working with world-renowned industrial designers and artists, creating efficient living environments where design, art, and technology converge. Nef's patented Foldhome concept, offering more than 24 premium lifestyle amenities without increasing ownership costs, stands as a unique differentiator in the global market. Known for efficient space planning, thoughtful human-centered design, and smart affordability, Nef consistently priorities to deliver products that outperform expectations. With strong international experience and a rapidly growing land bank that has doubled in recent years, Nef aims to shape the future of modern living through innovation, design excellence, and global ambition.
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