Tatweer, Dallah Healthcare unveil $320m mixed-use project in Riyadh
RIYADH, July 3, 2024
Saudi-based Tatweer Company has announced the launch of a new mixed-use project valued at over SAR1.2 billion ($320 million) in the heart of Riyadh. The project is designed to reshape the urban landscape and improve the quality of both working and living conditions in the city.
Located along King Fahd Road, it will include medical, office, residential, and commercial facilities. The project will be owned by Tatweer Company, Dallah Healthcare, and Dallah Real Estate, with Tatweer as the main developer.
The project is notable for its strategic structure, which will be executed through Aljazira Capital to manage and direct the investments effectively.
Dallah Healthcare and Dallah Real Estate as investing partners, will be leveraging their extensive expertise and financial resources to ensure the project's success.
Additionally, global real estate consultancy Knight Frank has been appointed as a consultant, ensuring that every aspect of the project meets the highest standards of innovation and sustainability.
"This project marks a significant step in our mission to innovate urban development," said Hezam Bin Saeidan, the Managing Director of Tatweer Company after signing the deal with Saleh Abdullah Kamel on behalf of Dallah Real Estate, Dr. Ahmed Babaeer, Chief Executive Officer of Dallah Health, and Bandar Al Hogail, Head of Real Estate Assets at Aljazira Capital.
"Initiatives that enhance the quality of life in cities are increasingly central to the public. This aligns with objectives of the Kingdom's Vision 2030—to provide a high standard of living in Saudi cities," he stated.
"Our collaboration with partners like Dallah Healthcare and Dallah Real Estate will play a pivotal role in achieving these objectives, and will be added to Tatweer Company’s pioneering projects, including the recent acquisition of Al-Orouba industrial land for over SAR757 million," he added.
According to him, the project aims to generate significant investment returns while enriching Riyadh's office market with distinctive and modern office spaces.
"High-quality housing options will be designed for comfort and convenience to meet diverse needs. Additionally, Dallah Healthcare will seize this opportunity to expand healthcare services, thereby enhancing community well-being and contributing positively to the area’s development," he added.-TradeArabia News Service
