Cayan Group, a leading real estate developer in the region, said it has signed an agreement with Mefic Capital, a Saudi Arabia-based financial services company, for the construction of a commercial property in capital Riyadh.

As per the deal, Mefic will help fund the construction of a high-end commercial project at a strategic location along the King Fahd Road in Riyadh.

The project has been awarded to Consolidated Consulting Group which is due to start work on the project soon. The construction work will be completed by the third quarter of 2017, said a statement from Cayan.

Once ready, the Cayan-Mefic duo plan to have their headquarters based in the same tower.

Under the agreement, Cayan Group’s scope of work also includes the sales and marketing of the project through its specialised subsidiaries.

The new tower will be a welcome addition to the increasing number of commercial developments in Riyadh. It will boast of several key facilities including a hitech gymnasium and screen feature on top of the building, said the statement.  

The upcoming project aims to address the growing demand for quality office space, it added.

Ahmed Alhatti, the president and chairman of Cayan Group, said: "This project reaffirms our commitment to providing our clients with a premier office address in the most sought after location in the city and is in line with our expansion strategy of further establishing our stronghold in Saudi Arabia."

Ibrahim Al Hudaithi, the executive board member and managing director of Mefic Capital, said: "Signing this deal with the Cayan Group, one of the region’s premier real estate development companies, is a great milestone for us. This project proves to be both timely and strategic as there is a growing demand for office space in Saudi Arabia, particularly in Riyadh."

"We remain highly positive that this new project will be well received and play a major role in the country’s continuing move towards economic growth and development," he added.-TradeArabia News Service