In a major step forward in its residential growth strategy, King Abdullah Economic City has signed a SR103.7 million ($27.6 million) real estate development agreement with Mayan Real Estate Company to create Luminos Gardens, a premium villa community spanning more than 114,000 square meters within the city. The partnership reinforces KAEC’s position as a leading destination for investment, innovation, and modern living in Saudi Arabia and further strengthens its appeal as a modern coastal lifestyle destination on the Red Sea.
The signing took place during Cityscape Global, one of the world’s largest real estate exhibitions bringing together developers, investors, and government leaders to explore opportunities in urban development and investment. The agreement was formalized by Abdulaziz AlNowaiser, CEO of Emaar, The Economic City, the master developer of KAEC, and Ahmed Mandora, CEO of Mayan.
AlNowaiser said: “Our collaboration with Mayan reflects the growing confidence of investors in KAEC’s long-term vision as a city that defines modern living and future-ready investment. This agreement aligns with our strategy to attract top developers and expand our portfolio of distinctive residential communities that integrate contemporary design, smart infrastructure, and a sustainable lifestyle inspired by Vision 2030.”
Mandora added: “At Mayan, we are driven by a passion for innovation and human-centered design. Partnering with KAEC enables us to realize this vision in one of Saudi Arabia’s most dynamic and forward-looking destinations, developing homes that exemplify quality, efficiency, and sustainability.”
Positioned as a contemporary residential compound for modern family living, Luminos Gardens offers a thoughtfully planned community centered around wellness and everyday comfort. It features stylish townhouse villas and modern apartment buildings complemented by amenities such as children’s play areas, a yoga zone, and a fully equipped gym set within landscaped greenery.
The master plan supports walkability with open spaces and pedestrian pathways, while the placement of residential plots provides a strong sense of privacy. Neighborhood parks, shared leisure facilities and welcoming public areas are designed to encourage connection among residents. With its human-centric architectural design and outdoor-focused lifestyle, Luminos Gardens offers a relaxed, nature-inspired setting for families in search of a peaceful and connected community.
This partnership represents another milestone in KAEC’s ongoing mission to deliver diverse, high-quality residential communities that attract both local and international investors. Through strategic collaborations with leading developers, KAEC continues to strengthen its role as a vibrant, future-ready city supporting Saudi Arabia’s ambitions for sustainable economic growth and modern urban development.
Mayan, a subsidiary of Salman Bin Saedan Holding, brings over four decades of expertise in the Saudi real estate sector. The company is recognized for pioneering advanced building technologies, integrating artificial intelligence in design and project management, and offering immersive digital home customization experiences that redefine the home-buying journey.
This agreement further expands KAEC’s development pipeline and underscores the city’s success in forging strategic partnerships that drive innovation, enhance livability, and contribute to long-term economic prosperity across Saudi Arabia.
