Tatweer Company, in collaboration with Al Rajhi Capital, announced a strategic partnership to launch an investment fund worth more than SAR 2 billion to develop a multi-use project at the intersection of Al-Urubah and Al-Takhassusi Roads in the Al-Rahmaniyah neighborhood of Riyadh. As the main developer, Tatweer will lead the project through all its phases, from pre-development to full development This is the first of the joint pioneering projects between the two parties, aimed at achieving growth in the capital invested in the fund, contributing a qualitative addition to the capital’s infrastructure, and enhancing its position as one of the most prominent global cities. Al Rajhi Capital will manage the investment fund, and finance the project, to ensure the project’s success.
The project is just a few minutes away from Kingdom tower and Al Faisaliah Tower, and it is also close to King Salman Park, the Diplomatic Quarter, and Laysen Valley. The project will be built on a land area of approximately 74,000 square meters, with total building areas exceeding 250,000 square meters. This allows for the project’s multiple uses, which are still being studied. Additionally, Colliers International has been appointed as the consultant for this study, ensuring that every aspect of the project will meet the highest standards. The project will be implemented in two phases, setting the stage for a significant and impactful addition to the urban landscape In Riyadh city.
Mr. Hezam Bin Salamah Bin Saidan, Managing Director of Tatweer Company, commented: “We are delighted to announce our partnership with Al Rajhi Capital to manage the investment fund for our new project. This project aligns with the Kingdom’s objectives to enhance infrastructure and develop high-quality, community-focused initiatives that support Vision 2030. We believe it will be a key milestone in the capital’s growth, reinforcing its status as a leading global city”.
“We are proud of our partnership with Tatweer, as this collaboration is a testament to the trust in our work and expertise. This project marks an important step in our mission to innovate urban development, one of the key goals of the Kingdom’s Vision 2030,” said Waleed AlHumaid, CEO of Al Rajhi Capital.
This project will be added to the list of pioneering developments owned by Tatweer Company and Al Rajhi Capital. It aims to achieve profitable investment returns while providing quality projects that contribute to improving the quality of life in the city. The project seeks to make a significant addition to the capital’s infrastructure and enhance its position as one of the world’s most prominent cities.
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