Cayan chief development officer Ahmad Kasem on Sunday.
Saudi Arabia-based developer Cayan is to press on with a number of project announcements “in the next two months” despite the downturn that has hampered construction progress across the region.
The firm has three projects across the Middle East in the pipeline, at least one of which will be in Saudi Arabia, and a further two projects to be based in Dubai.
Announcements will be made concerning all five projects in the in the next two months, Cayan chief development officer Ahmad Kasem told Construction Week on Sunday.
“In the pipeline we have three more projects in various parts of the Middle East including Saudi Arabia and a couple of other regions that we do not want to disclose at this point in time,” Kasem said.
“In addition to that two more projects will be announced that we will be developing and they are in Dubai.”
Kasem revealed no further details regarding the projects, but did add that Cayan would be operating as “co-developers” of the two Dubai projects.
In addition to its pipeline projects, the developer is making progress on its ongoing projects, including the Infinity Tower and the Silverene Towers, both being built by Arabtec Construction in Dubai Marina, and the Plaza Residences, being built by CRC in Dubai’s Jumeirah Village.
The firm is also pressing on with the Lamar Towers, being built in Jeddah by Arabtec Saudi Arabia, after overcoming a number of challenges while undertaking enabling works due to the projects location on the shores of the Red Sea.
The issue of residential property under-supply in Saudi Arabia was raised by Cityscape Saudi Arabia event director Deep Marwaha last month, who said that more than a million homes would be built over the next five years.
“Forty per cent of Saudi nationals are under the age of 20 and 70% under 30 [and] 65% of families currently don’t own a home,” Marwaha said.
Kasem confirmed that Cayan would continue to look for opportunities to launch new projects across the GCC.
“We are a Saudi company and we always look for projects in Saudi Arabia,” he said, “but that doesn’t mean that we will not be focussing on Dubai as well. We leave the door open whether it’s in Dubai or anywhere.”
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