Saudi Arabia-based real estate firm Cayan Group has announced that it will develop property projects worth Dhs1.2 billion in Dubai and Riyadh this year.
The company, which developed the world’s tallest twisting tower in Dubai, said that it has purchased prime lands in both cities to develop the projects.
In Riyadh, it is planning to develop an office building in its recently acquired plot in King Fahed Road.
In Dubai, the company is planning to develop an upscale residential and hotel apartment towers in Umm Suqeim. The project is expected to cater to the rising demand for residential properties in the area, a statement said.
“The strategic land purchases as well as our upcoming landmark projects in Dubai and Riyadh form part of our comprehensive plans for 2015,” said Ahmed Alhatti, president and chairman of Cayan Group.
“Our new undertakings at the start of the year are fully aligned with the booming hospitality, residential and office sectors in both cities.
“Furthermore, we hope to meet the rising demand from various sectors, especially from the residential segment.”
Cayan Group’s current portfolio of developments in the UAE includes the world’s tallest twisting tower Cayan Tower, Silverene Towers, The Jewels, Dorrabay and Cayan Business Center.
The company also owns Layaly Compound and Samaya in Saudi Arabia along with Broumana Lands in Lebanon.
Dubai’s real estate developers have been launching new projects in the region despite a slowdown in the growth of property prices.
Most recently, OQYANA Real Estate revealed plans to develop a series of luxury private island villas in Dubai’s World Islands project.
Danube Real Estate, which launched its second project Glitz towards the end of 2014, said earlier this month that it sold out all units within a day.