Saudi real estate firm Rikaz has announced the launch of Zaya, its affiliate company specialising in developing residential and commercial projects, with investments amounting to SR600 million ($160 million).
As part of its expansion plan in the kingdom, Rikaz Company plans to launch several key projects in the hospitality sector in Riyadh, Asir, Abha, and Al-Ahsa, with a total area exceeding 800,000 sq m and investments exceeding SR1 billion.
Rikaz has also entered the logistics sector by launching the Node project with investments of SR1.1 billion, which is considered the largest integrated logistics service complex in the kingdom. This project aims to meet the growing demand for high-quality logistics properties that support various economic sectors. Two phases of the project have been launched so far, and it is expected to achieve sales exceeding SR1.5 billion.
Modern and innovative designs
The launch of Zaya reflects the company's commitment to expanding its activities in the kingdom and meeting the increasing needs in the housing and commercial sectors. Zaya focuses on developing real estate projects characterised by modern and innovative designs, utilising advanced infrastructure technologies, thus enhancing project efficiency, and demonstrating its capability to meet the market's needs.
The newly established company aims to provide an exceptional living experience for citizens in the kingdom, while ensuring a blend of luxury and quality in every project.
These objectives are part of the company’s vision to deliver unprecedented new projects that meet citizens' needs and fulfil their aspirations for modern living, contributing to achieving the Kingdom's Vision 2030.
Five milestone projects
Currently, Zaya has five milestone projects under development: SKAYA, UPSCALA, UPTOWN, and several other projects in the Dhahran, Khobar, and Riyadh areas, combining luxurious living and modern commerce while providing green spaces and advanced recreational facilities.
Additionally, AZaya Beach, a beach club dedicated to Zaya's customers, will upscale their unique residential experience. Zaya is working to achieve its vision, which centers on the aspirations and needs of its customers, reinforcing its leading business model in the region.
Khalid bin Hassan Al-Qahtani, Chairman and CEO of Rikaz, said the launch was a quantum leap in the company's journey to enhance its presence in the Saudi market.
He added: "We are proud to launch Zaya, which we see as part of our ambitious strategy for expansion and development. The launch of Zaya aligns with our long-term plans that comply with the Kingdom's Vision 2030, which we consider a key reference in all our projects. Our vision is to be a key partner in achieving the kingdom's goals by delivering projects that meet the highest global standards and support sustainable development."
Khalid Al-Ward, CEO of Zaya, added: "The launch of Zaya comes amid the company's ongoing efforts to expand its investments across various real estate sectors, providing an opportunity for excellence in line with the local and international market demands through developing modern projects that contribute to building integrated communities, ensuring prosperity and well-being for their residents."--TradeArabia News Service
