RIYADH: 18 September 2024 — Ajdan Real Estate Development has announced the signing of an agreement with Aljazira Capital to establish a project amounting to about SR2 billion to build mixed-use towers as well as to launch the Aljazira Ajdan Real Estate Fund. This was part of a new strategic partnership and an extension of previous partnerships between the two entities. The project, which spreads over an area exceeding 21000 square meters, is located in the heart of Riyadh, in a prime geographical location in Al-Rahmaniyah district, at the intersection of two key roads, King Fahd Road and King Abdullah Road. It is also close to major landmarks, including the Ministry of Municipalities and Housing, King Abdullah Financial District (KAFD), King Saud University, King Salman Park, Kingdom Tower, Dallah Hospital, and Dr. Sulaiman Al-Habib Specialist Hospital. This strategic location provides the project a vibrant and easily accessible environment that allows a real experience for living and working. The project includes quality towers on King Fahd Road, which will be designed in a way aligned with the latest architectural standards, using the latest construction technologies to represent a new destination to enrich the lifestyle. It is poised to be a prominent landmark that rivals the most prominent landmarks of Riyadh. The project includes a large number of luxurious residential units with multiple models, diverse spaces, and integrated services, which provides individuals and families with exceptional and rare opportunities to live in a world of luxury and comfort. Moreover, the project includes contemporary work spaces through commercial units, in addition to a chain of cafes, luxury restaurants, shopping stores, green spaces, and places for family entertainment. This will make the project a destination that pulsates with modern life, and thus contributing to the advancement of the concept of development and real estate investment in the Saudi market, providing smart real estate solutions. Mohammed Al-Otaibi, CEO of Ajdan Real Estate Development Company, expressed his happiness over the launch of the fund project through materializing a strategic and ideal partnership with Aljazira Capital. He said: "The Aljazira Ajdan Real Estate Fund represents an extension of our diverse and multiple partnerships with Aljazira Capital." "In the same context, this aligns with the target of Ajdan to contribute to qualitative projects and quality of life programs, by developing projects that cater to the desires and aspirations of customers and investors. At the same time, it meets the growing demands for residential and commercial units," he said while noting that this project comes to meet all these goals. For his part, Naif Al-Misnad, CEO and Managing Director of Aljazira Capital, said that the launch of the fund project comes in line with Aljazira Capital's strategy based on providing a comprehensive and diverse group of unique investment products and services, including real estate. "This is in accordance with strategic partnerships with several entities, including Ajdan Company, with which we have several real estate investment projects. We are committed at Aljazira Capital to provide a comprehensive system of services and investment solutions to our clients and partners, in a way meeting their ambitions and aspirations," he pointed out. It is noteworthy that Ajdan Real Estate Development Company was established in the city of Al-Khobar in 2016. The inception of the company is based on a clear vision in the field of real estate development and quality of life projects featuring full of luxury. The company is keen, through its activities, on provision of multi-use projects, ranging from residential, commercial, hospitality and entertainment, to serve the largest possible number of segments of people in the society. This is aimed at achieving the role it has taken upon itself in supporting the real estate development sector in order to develop many modern vital projects in a number of major cities in the Kingdom, including Riyadh, Al-Khobar, and Jeddah. For more information, please visit the website https://ajdan.com
