Cayan Group, a major property developer and real estate investment group in the Middle East, announced that it has collaborated with two Saudi-based partners — Al-Ajlan Holding and Al-Saeed — for a new mixed-use development north of Riyadh, estimated at around SR1 billion.

Khatib & Alami (K&A), a design consultant, has been engaged as the main consultant of the project.

Abdulrahman Al-Ajlan, chairman of Al-Ajlan Holding Group, and Ahmed Al-Saeed, chairman of Al-Saeed Group, stated: “The three groups have been working on this partnership for a while, and have established it for the purpose of implementing a project on par with the level of such an alliance and in line with the highest standards required by the most prestigious clients in Riyadh. Cooperating with Cayan Group as a partner and master developer of the project is an asset that will give added weight to the project, given its significant experience in the field.”

Ahmed Alhatti, president and chairman of Cayan Group, said: “This strategic alliance with leading investment groups (Al-Ajlan Holding and Al-Saeed) is a new strategic dimension for Cayan, and we believe that this collaboration is an extension of the successes we have achieved and we are still achieving.”

Founded in 2004, Cayan Group-Real Estate Investment and Development is a major international real estate investment and development group supported by an extensive network of offices in Saudi Arabia and the UAE.

The company’s growing client base includes more than 2,000 customers from all over the world. Its portfolio includes a number of leading pioneering projects.

The group’s prestigious real estate project, Cayan Tower, officially declared by the Guinness World Records in 2015 as the globe’s tallest twisted tower standing at 307 meters high, has become one of the most important architectural landmarks in the Gulf.