Riyad Capital has recently unveiled an ambitious $270 million project, the Shalalat Abha Project, marking its inaugural real estate development venture in the southern region of Saudi Arabia. This significant initiative reflects Riyad Capital’s commitment to fostering growth and providing diverse investment opportunities to both local and international stakeholders. With a total area of around one million square meters in the city of Abha, this project promises to enhance the region’s economic landscape considerably.
In collaboration with Mdr Development, Riyad Capital will develop the Shalalat Abha Project, valuing it at over SAR1 billion (approximately $270 million). The project encompasses a substantial area, ensuring that the land is primed for various future applications, including commercial, tourism, entertainment, and residential uses. Mdr Development will be responsible for executing the crucial infrastructure works, laying a strong foundation for the future growth of the area.
Strategic Southern Expansion
Riyad Capital’s Shalalat Abha Project aligns with the company’s mission to stimulate regional growth throughout the Kingdom and present compelling investment opportunities. Situated to the east of Abha, the project enjoys advantageous proximity to Abha International Airport and King Khalid University. Infrastructure development is set to commence in the second quarter of 2025, with an anticipated completion time of two years.
Abha, serving as the capital of Aseer Province, is renowned for its stunning natural beauty and elevation of 2,270 meters, making it a sought-after tourist destination. The city is currently experiencing rapid transformation under the ambitious ‘Aseer Development Strategy’, which aims to enhance urban environments and promote sustainable economic growth within the region.
Dr. Abdullah Alshwer, CEO of Riyad Capital, expressed enthusiasm for the project, stating, “The launch of the Shalalat Abha Project marks a new and distinguished milestone in our real estate expansion plans. This step comes at a time when the Aseer region is undergoing strategic transformations, positioning it as one of the Kingdom’s most attractive investment destinations given its natural and economic potential.” He emphasized the project’s anticipated social and economic benefits, highlighting its potential to improve quality of life while providing diverse housing and commercial options.
Echoing Dr. Alshwer’s sentiments, Hamad Al-Meshaal, CEO of Mdr Development, noted, “The Shalalat Abha Project is one of the most distinctive in the region and represents a qualitative addition to Aseer. Mdr Development places great emphasis on this project as one of its key priorities. We expect the project to significantly enhance tourism and investment and help drive development across the region.”
Riyad Capital continues to solidify its place as a pioneer in the Saudi real estate market, venturing through its four business arms: asset and wealth management, brokerage, corporate investment banking, and securities services. With an impressive portfolio valued at over $6 billion across three continents, the company stands ready to manage and nurture the Shalalat Abha Project, further solidifying its position in the realm of real estate development in Saudi Arabia.