SAR1.1 Billion Riyadh Real Estate Fund Launched by Ezdihar Real Estate Development & Al-Istithmar Capital
- Major SAR 1.1 billion development to transform a significant 103,000 square meter plot into a premium commercial hub in Riyadh.
- Located on Prince Turki I Road, the project promises Grade A office spaces and extensive amenities with excellent road access.
- This partnership aims to enhance investor capital through a focused, income-generating property strategy.
RIYADH, Saudi Arabia, April 30, 2024 /PRNewswire/ -- Ezdihar Real Estate Development Company, in collaboration with Al-Istithmar Securities and Brokerage Company (Al-Istithmar Capital), the investment arm of the Saudi Investment Bank, proudly announces the creation of a new real estate fund valued at SAR 1.1 billion. This fund is focused on the development of an international standard office and commercial precinct in the vibrant heart of Riyadh.
This initiative targets the strategic development of a 103,000 square meter prime plot located on the King Saud University campus along Prince Turki I Road. The planned commercial office complex represents a unique real estate development opportunity, aiming to become a landmark project in Riyadh.
The development is designed as a Grade A office park that will feature state-of-the-art design and compelling amenities, setting a new standard for modern business environments. Situated in the sought after north/west district of Riyadh, the project will enjoy excellent roadway access with direct connections to King Khalid International Airport, and all the mega and giga projects driving the growth of Riyadh. The location is centred in the "growth engine" of Riyadh and has been strategically chosen to attract leading businesses looking for premium office space in a dynamic area.
The business plan focuses on building a strong income-generating office complex that promises substantial returns for investors. A lifestyle orientation is built into every aspect of the design, incorporating significant green areas and ample circulation spaces to enhance the workplace atmosphere. Additionally, the complex will include multiple building types to accommodate a wide range of tenant space requirements, ensuring flexibility and adaptability to meet diverse business needs.
Mr. AbdulMohsen bin Fawaz AlHokair, CEO of Ezdihar Real Estate Development Company, shared his enthusiasm about the project, stating: "This project aligns seamlessly with our commitment to provide distinctive, quality-oriented projects that exceed our clients' expectations."
Mr. Khaled bin Abdulaziz AlRayes, CEO of Alistithmar Capital, added: "Through this partnership, we aim to meet and adapt to the evolving market demands by offering high-quality, value-added investment opportunities that optimize benefits and maximize returns."
This partnership represents a significant step in advancing Riyadh's development as a leading hub for real estate investment, further positioning Ezdihar Real Estate Development and Al-Istithmar Capital at the forefront of the region's real estate market.
About Ezdihar Real Estate Development:
Ezdihar, a dynamic force within the Fawaz Alhokair Group and nurtured by Ezdihar Holding, is transforming the real estate landscape in the Kingdom of Saudi Arabia. As a company committed to enriching the quality of life, Ezdihar meticulously crafts distinctive urban landscapes that blend seamlessly with the rhythms of modern life. With a focus on creating exceptional living spaces and iconic destinations, Ezdihar's visionary projects are integral to the Kingdom's 2030 Vision, aiming to elevate standards of living, working, and recreation. The company is set to achieve 1 million+ sqm of gross leasable area and deliver 2,000 residential units by 2030, through its development in major cities underpinned by four premier masterplans. Ezdihar is dedicated to enhancing community well-being across Saudi Arabia through innovative designs, astute financial management, and a commitment to excellence in all phases of development, from site selection to after-sales support.
Please visit www.Ezdihar.com.
About Al-Istithmar Capital:
Alistithmar for Financial Securities and Brokerage Company (Alistithmar Capital) is a leading Saudi closed joint stock company with a paid up capital of SR 250 Million, 100% owned subsidiary of The Saudi Investment Bank. Licensed by the Capital Market Authority (CMA) under license No. 11156-37 dated 02/06/2007, to provide services in Dealing, Managing Investments and Operating Funds, Arranging, Advising and Custody.
Alistithmar Capital provides views and analysis across different asset classes, policies, and economies in both local and regional market, through an expert team that strives to deliver outstanding performance.
Please visit www.icap.com.
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