Cayan Group, a leading Saudi property developer, has signed an architectural contract with Nikken Sekkei, a premier architectural firm, for its upcoming SR1.2-billion ($320 million) mixed-use waterfront project at Obhur in Jeddah.

Cayan’s new project, which will sprawl over an area of 140,000 sq m, will boast two towers: one a five-star hotel and the other branded residences offering high-end living.

Unveiling its new mega Obhur waterfront project at the leading property show Mipim in Cannes, France, Ahmed Alhatti, the chairman of Cayan Group, said: "This is another foray for us into the hospitality sector in the Middle East, signalling our commitment to investing in the growing sector in Jeddah and elsewhere."

The mixed-use project is being developed in Jeddah to take advantage of the city’s growing prominence amongst visitors and residents.

Riding on the development of the Jeddah Economic City, the real estate and hospitality sectors are gathering pace and building an opulent skyline. The hospitality sector in Jeddah is influenced by local demand, and pilgrims, and as such is a resilient sector with good ROI (return on investment) potential, he stated.

An award-winning firm, Nikken Sekkei offers comprehensive professional consultancy on real estate projects and it has been at the forefront of iconic and unique buildings across the world.

It has been behind several major global projects such as the Yamaha Ginza, Hoki Museum, Guangzhou Library, and is currently involved in many projects across the Middle East including the UAE and Saudi Arabia.

"We are happy to be a part of yet another Cayan Group project. The beauty and uniqueness of these projects inspire us all. We look forward to capturing Cayan Group’s vision, integrating the project with the natural beauty of the Obhur waterfront and contributing towards the completion of this project," remarked Kamei Tadao, the president of Nikken Sekkei.  

"This fulfilling partnership intends to bring along another great product that is in line with Cayan Group’s dedication to innovation and excellence," he noted.

Pointing out that Saudi Arabia is Cayan’s home ground, Alhatti said: "We have wanted to expand our brand in the market, but more importantly we have wanted to extend our support and fulfil our commitment towards the local economy and be part in pushing the economic wheel and nourishing Saudi Arabia’s real estate sector with quality projects and iconic designs."

“On an operational level, the expansion of our brand to Jeddah will increase our brand awareness, and market share in Saudi Arabia,” he remarked.

“We believe the construction of this new project on the Obhur waterfront in Jeddah will integrate well into the beautiful natural scenery of the city, and the burgeoning economic development,” he added.-TradeArabia News Service