The Real Estate Exhibition Restatex, held in Riyadh from February 18 to February 21, 2024, witnessed the signing of an agreement to establish a real estate investment fund to develop a multi-use project in Jeddah, named "Grand Square," between Ajdan Real Estate Development Company as the developer, marketer, and operator, Misk Investment Company as the landowner of the project, and Sedco Capital Company as the fund manager. "Grand Square" covers a total area of 47,060 square meters in a prime location on King Abdulaziz Road in Jeddah, and Ajdan Real Estate Development Company was represented by Mr. Abdulrahman Al-Muhaidib, the investment manager, on behalf of the CEO, during the signing ceremony. Misk Investment Company was represented by its CEO, Engineer Hani Helwani, and Sedco Capital Company was represented by Mr. Abdulwahab Abid, the CEO of Investment.

Eng. Mohammed bin Abdulmohsen Al-Otaibi, CEO of Ajdan, explained that the development of multi-use projects would improve the quality of life and urban fabric in Saudi cities and contribute economically and tourism-wise by creating unique destinations that enhance progress and development in line with the aspirations of Vision 2030 in development.

It is worth mentioning that "Grand Square" project consists of an integrated system of multiple-use components such as commercial and residential buildings, business offices, and a hotel, and its design details are expected to be announced soon.

For his part, Engineer Hani Helwani, CEO of Misk Investment, added that our partnership in establishing this real estate fund for the "Grand Square" project reflects our joint commitment to investing in high-value-added real estate projects that contribute to driving economic growth and promoting tourism in the Kingdom. We see the "Grand Square" project as an exceptional opportunity to achieve this goal. This project will be a turning point in the Jeddah real estate market, setting new standards for quality, design, and sustainability.

Mr. Abdulwahab Abid, CEO of Investment at Sedco Capital, explained that the Kingdom is witnessing strong momentum in the real estate sector, especially with the accelerated pace towards achieving the targets of Vision 2030 and the accompanying development projects and economic prosperity. He added that the "Grand Square" project will provide unique opportunities for both tenants and investors, given its prime location on King Abdulaziz Road in Jeddah and its proximity to many prominent destinations, noting that multi-use properties provide an opportunity to achieve stable and sustainable financial returns. Abdulwahab Abid emphasized the selective approach to real estate investment that is in line with the Sharia principles adopted by Sedco Capital, expressing his desire for close cooperation with Ajdan Real Estate Development Company and Misk Investment Company as strategic partners with a rich history of successful projects.

Source:https://sabq.org/saudia/fz1jee9na2