Jeddah: Cayan to construct $320m mixed-use project
Cayan’s new project in Jeddah will stretch across a built-up area of 14ha, and will consist of two towers, a five-star hotel and a branded residences
Saudi Arabian property developer, Cayan Group, has announced plans to build a new $320m (SAR1.2bn) mega-project at the Obhur waterfront in Jeddah.
Cayan Group outlined some details of the planned project while attending a property event in Cannes, France.
Cayan’s new project will stretch across a built-up area of 14ha, and will consist of two towers, a five-star hotel and a branded residences.
Ahmed Alhatti, chairman of Cayan Group commenting on the decision to invest in Jeddah said: “Saudi Arabia is Cayan Group’s home ground. The expansion of our brand to Jeddah will increase our brand awareness, and market share in Saudi Arabia.
“We believe the construction of this new project on the Obhur waterfront in Jeddah will integrate well into the city, and its burgeoning economic development.”
Kamei Tadao, president, Nikken Sekkei, said: “We are happy to be a part of yet another Cayan Group project. We look forward to capturing Cayan Group’s vision, integrating the project with the Obhur waterfront, and contributing towards the completion of this project.
“This fulfilling partnership intends to bring along another great product that is in line with Cayan Group’s veneration to innovation and excellence.”