Cayan Group, one of the Middle East’s leading real estate developers, has announced plans to develop projects worth Dh1.2 billion ($326 million) in Dubai, UAE, and Riyadh, Saudi Arabia, this year.

Cayan, which has a rich portfolio of premium developments across new Dubai’s skyline, recently purchased strategically located prime lands in the two cities for the premier ventures.

In Riyadh, the company acquired a prime commercial plot along King Fahed Road where a state-of-the-art office building will soon rise. It also bought two lands on Umm Suqeim Road for the location of its planned upscale residential and hotel apartment towers.

The project will cater to the increasing demand for residential properties in the area, said a senior official.

"The strategic land purchases as well as our upcoming landmark projects in Dubai and Riyadh form part of our comprehensive plans for 2015," revealed Ahmed Alhatti, the president and chairman of the group.

"Our new undertakings at the start of the year are fully aligned with the booming hospitality, residential and office sectors in both cities. Similar to our previous property ventures in the region, our property developments will demonstrate excellence and craftsmanship that we are known for as we aim once again to set new benchmarks across regional and global industries," he noted.
 
"Furthermore, we hope to meet the rising demand from various sectors, especially from the residential segment, by offering prime properties that meet the highest international standards," he added.  

Founded in 2004, Cayan Group-Real Estate Investment and Development is a leading international real estate investment and development group supported by an extensive network of offices in Saudi Arabia and the UAE.

Its portfolio encompasses a number of pioneering projects including Cayan Tower, Silverene Towers, The Jewels, Dorrabay, Cayan Business Center, in the UAE; Layaly Compound and Samaya in Saudi Arabia; and Broumana Lands in Lebanon.-TradeArabia News Service