Hassana Investment Company and Dar wa Emaar Real Estate Join Forces for Massive Real Estate Project in Riyadh
In a groundbreaking move, Hassana Investment Company (Hassana) has inked a Memorandum of Understanding (MoU) with Dar wa Emaar Real Estate Investment & Development Company (DWE) to embark on a colossal real estate venture spanning 1.2 million square meters in the Al Qadissiyah district of North Riyadh.
This partnership is more than just a collaboration; it’s a strategic alliance that leverages the strengths of both entities to tackle master planning, infrastructure development, public amenities, and potentially the creation of anchor real estate assets that will leave a lasting impact.
The ambitious development aims to house up to 4,000 modern residential units and boast a total retail built-up area of around 100,000 square meters, catering to the evolving needs of Saudi families in search of quality living spaces.
With a focus on residential-centric master planning, the project will not only offer top-notch residential options but also educational, entertainment, and retail facilities, opening up exciting prospects for private sector sub-developers to get involved in the mix.
The MoU was formalized by Ahmed W. Alqahtani, CIO – Regional Markets of Hassana, and Osama Alkhunaizi, CEO of DWE, signifying a united front towards a shared vision of transformative real estate development.
Alqahtani emphasized, “This investment perfectly aligns with Hassana’s core mission of investing in premium real estate projects in collaboration with formidable partners to ensure sustainable returns that safeguard the future of Saudi generations. By aligning with Vision 2030, this venture will add significant value to the local economy and open up avenues for private sector partnerships.”
Alkhunaizi chimed in saying, “Dar wa Emaar is elated to join forces with Hassana on this pivotal project. This partnership underscores our unwavering commitment to support Saudi Arabia’s ambitious Vision 2030 by delivering world-class living spaces and amenities tailored to the unique needs of Saudi families.”
