Cayan Group signs investment deal with MEFIC
The proposed project has been awarded to Consolidated Consulting Group and is estimated to be completed by Q3 2017.
Saudi based real estate developer, Cayan Group, and MEFIC Capital, a Saudi Arabia-based financial services company announced that they have signed an investment fund deal which will be utilised in the construction of a commercial project.
The project will be located on a strategic location along the King Fahd Road in Riyadh and will see Cayan Group take on the role of the main developer of the project.
As part of the agreement, Cayan Group’s scope of work also includes the sales and marketing of the project through its specialized subsidiaries. The project will address the growing demand for quality office space and the construction is expected to begin in the third quarter of 2015. In addition, the tower will possess a host of facilities such as a state-of-the-art gymnasium and screen feature on top of the building among others.
Cayan and MEFIC are planning to have their head quarter offices in this tower.
Ahmed Alhatti, President and Chairman of Cayan Group, said: “We are glad to have this partnership with MEFIC Capital to build a commercial tower in Riyadh. This 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.”
“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,” added Ibrahim Al Hudaithi, Executive Board Member & Managing Director of MEFIC Capital.
The project has also been awarded to Consolidated Consulting Group and is estimated to be completed by the third quarter of 2017.