Cayan Group reports $1.4bn projects in 2016
An area of strategic expansion in 2016 was Cayan Group’s foray into the GCC’s hospitality sector though Cayan Hospitality, and the development of projects such as Cayan Cantara
Saudi Arabia-based developer, Cayan Group, announced that the builder possesses $1.8bn (SAR5.5bn) worth of ongoing projects in 2016.
In Riyadh, the CMC Tower’s enabling and structural packages were completed ahead of schedule in May within three and six months respectively. In addition, the group launched Samaya project, a high-end mixed-use development, located in Riyadh and the project is currently in the midst of the enabling stage.
In Dubai, the group launched the Cayan Arjaan Hotel Apartments in November, during which it revealed that the residential tower of the Cayan Cantara project would also be managed and operated by hospitality brand, Rotana under their ‘Residences’ badge.
Sales of units in both the Samaya project in Riyadh and Cayan Cantara in Dubai have been remarkable with each averaging 50% sold.
Ahmed Alhatti, chairman and president of Cayan Group, said: “The general fluctuation in economic conditions in the Gulf region, and in particular in Saudi Arabia, has thrown some challenges our way too but these have not had a lasting or deep effect on our plans. Challenges are neither a phenomenon or a permanent setback; they can be rectified through planning and preparation. However, the one area where we have experienced some difficulty in 2016 is in recruitment as attracting qualified personnel remains a challenge in the Kingdom.
“A source of inspiration for us all has been Saudi’s Vision 2030. The government’s plans have provided a roadmap to guide our decisions and directions. One of these is the development of local talent which we will pursue vigorously in 2017. This is true for most of the countries in the GCC that are following economic diversification and local talent-pool development plans—it is a great time to make an impact and a difference."
To address this concern, Cayan Group is formulating a new strategy to retain, attract, and train the best workers in 2017 by investing in employee skill development, creating alliances with relevant institutions, and offering internships to recent graduates.
Complementing the strategy on staffing, Cayan Group also intends to focus on developing new methods to improve customer care and to show loyalty and exceptional service for existing and potential clients alike.
Another area that Cayan Group hopes to delve deeper into is in their corporate social responsibility (CSR) arm, Cayan Foundation, in 2017. The organisation is focusing on building from its efforts in 2016 to reach more communities and to do more to promote a healthy and happy society. The Cayan Group’s ongoing CSR activities include a strategic agreement with “Patients Friends Committee” in Riyadh, as well as the sponsorship of Basmat Ensan, a charitable society for the care of orphans.
An area of strategic expansion in 2016 was Cayan Group’s foray into the GCC’s hospitality sector though Cayan Hospitality, and the development of projects such as Cayan Cantara.
Alhatti continued: “The hospitality sector is brimming with opportunities. It would be a shame not to be involved as we have a lot to offer when it comes to developing high-quality, high-end, and fascinating projects. We envision being a point of interest for the tourists whether they stay in a Cayan-branded hotel, or visit any Cayan-branded building."
Also part of the group’s strategy in 2016 was entering the world of IT and technology by implementing a new Microsoft Dynamics system. “We will carry on to adopting more revolutionary IT systems in 2017 that will enhance our real estate services across all of our entities,” Alhatti added.
However, much like in 2016, the main focus for Cayan Group for 2017 remains its core business which is the development of iconic real estate. The group’s notable regional projects for 2017 will include a mixed-use development in north Riyadh and an iconic waterfront development in Jeddah.
On an international level, aside from the la Mairena project in Spain, Cayan Group will launch a mixed-use development in a prime location in London, United Kingdom.
“As 2016 draws to a close, we have a strong pipeline of projects that are custom-made to meet the needs of the real estate investors in the region and that stand out due to their individuality and exceptional quality. We are proud of what we have achieved and we are unified in our vision to extend these values to all our businesses. The success of our business is very much a team effort and together we will continue to play an important role in setting the pace of real estate development in the region to match market needs,” said Alhatti.