Hassana and Kinan Sign MoU to Develop 2 million SQM Mixed-Use Real Estate Project in Riyadh
(MENAFN- Edelman Smithfield) Riyadh- July 1, 2024—Hassana Investment Company (Hassana) has announced the signing of a Memorandum of Understanding (MoU) with Kinan International Real Estate Development Company (Kinan). This collaboration seeks to create a partnership to invest in an innovative mixed-use real estate development. The development will incorporate residential, educational, healthcare, entertainment, retail, and office spaces alongside other contemporary amenities. This comprehensive, world-class community is designed to meet the evolving requirements of contemporary Saudi lifestyles.
The project is strategically located in the Al Rimal district of North Riyadh and spans an extensive 2 million square meters. The development is designed to accommodate a maximum of 9000 modern residential units and will encompass a total commercial (office/retail) built-up area spanning 222,000 square meters. This initiative aims to address the increasing demand for high-quality residential masterplans in Riyadh, in line with the goals of Saudi Vision 2030 to provide top-tier housing communities for Saudi families.
The MoU was signed by Mr. Saad bin Abdulmohsen Al-Fadly, CEO of Hassana, and Mr. Nidal Abdulmajeed Jamjoom, Managing Director and CEO of Kinan.
Mr. Al-Fadly stated, “This collaboration aligns with Saudi Vision 2030 objectives and is a step towards urban development in Riyadh. The investment aligns with Hassana’s mission to invest for the long term across asset classes including high-quality real estate projects in partnership with experienced developers and capitalising on their unique expertise. We are excited to contribute to the ongoing transformation of the urban landscape while enabling a financially secure future for all Saudi generations.”
Mr. Jamjoom expressed, "Kinan is pleased to express its interest to partner and collaborate with Hassana on this momentous project. Our team is steadfast in its commitment to delivering a development that not only meets but exceeds the expectations of contemporary Saudi families. Our goal is to establish a community that offers a superior quality of life, enabling residents to flourish."
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