Riyad Capital launches SAR1b Shalalat Abha Project with mdr Development

28/05/2025 02:10 AST

Riyad Capital has announced the launch of the Shalalat Abha Project in collaboration with mdr Development, with the total project value exceeding SAR1 billion. This marks Riyad Capital's first real estate development in southern Saudi Arabia and was unveiled during the Aseer Investment Forum at King Khalid University in Abha.

Spread across approximately 1 million square meters, the development site is located east of Abha city and is close to Abha International Airport and King Khalid University. The project includes essential infrastructure works to prepare the land for future use across multiple sectors including commercial, tourism, residential, and entertainment.

The project aligns with Saudi Arabia's Aseer Development Strategy, which aims to support sustainable urban expansion and diversify regional economies beyond traditional hubs. For Riyad Capital, this also forms part of its broader strategy to geographically diversify its real estate investments by targeting regions with untapped growth potential.

Q2 start
Infrastructure development is scheduled to begin in Q2 2025, with full project completion expected within two years.

Riyad Capital CEO Dr. Abdullah Alshwer said the project represents a significant step in the company's real estate expansion plans and is expected to contribute positively to both the social and economic development of the Aseer region.

Mdr Development, which is handling the infrastructure execution, also highlighted the project's potential to boost tourism and local investment in the southern region. According to its CEO Eng. Hamad Al-Meshaal, the Shalalat Abha Project is considered a priority for the company and is expected to play a key role in regional development.

Gulfnews