Retal Urban Development Company announced in a press conference the launch of the “Alfa Saudi Real Estate Development Fund 1”, with a size of more than half a billion Saudi riyals, which will invest in the qualitative and unique project “Marasi” located between the cities of Khobar and Dammam on the coastal road, in partnership with Alfa Company Finance.
Marasi project is characterized by attracting the best global and local partnerships, led by Retal, which will undertake the full development of the scheme, including the infrastructure and superstructure, and the division of the project into more than 750 residential plots, in addition to public services in the residential neighborhood such as mosques, schools and vital services. The scheme will include recreation areas, pedestrian walkways, bicycle lanes, green spaces and gardens.
The project is located on a direct sea view on the Arabian Gulf, between the coastal cities of Khobar and Dammam along King Saud Road, with an area of (609,000) square meters. With the highest requirements of quality of life in accordance with the Kingdom’s vision 2030, noting that the areas of residential plots range from 375 to 600 m 2, and investment lands are available with areas ranging from 1800 to 2200 m 2, Retal will also develop more than 200 housing units that provide a modern lifestyle within integrated services that meet the needs of customers.
The developer’s work is focused on meeting the highest standards of quality of life, as the central garden, with an area of 35,000 square meters, along with open natural areas, represents the main axis of the project, in a way that has not been applied before in any urban plan in the region, and in terms of construction aspects, Retal has adopted in this project The highest levels of quality and safety in implementation and the application of the latest Saudi Building Code standards.
Commenting on the launch of the fund, Mr. Fahd bin Khaled Al-Saud, Managing Director and CEO of Alpha Capital, said: “The great turnout from investors that the fund achieved during the offering period reflects our commitment to selecting unique opportunities and creating added value for our customers, through research All investment opportunities from a comprehensive perspective and in various asset classes.” He added: “We are proud of our partnership with Retal and we always look forward to providing quality real estate opportunities that would enhance the quality of life and contribute to achieving the nation’s vision.” We also look forward to launching more promising real estate projects within our vision. The joint strategy with Retal with an investment volume of more than 7.5 billion Saudi riyals until 2030.
Eng. Abdullah bin Faisal Al-Braikan, CEO of Retal, stated that the Marasi project is an extension of the continuous efforts through which Retal seeks to change the concept of the residential neighborhood, and meet the aspirations of urban development pursued by the rational government represented by the Kingdom’s Vision 2030, which encourages the establishment of projects It aims for well-being and quality of life, praising the concerted efforts and partnership with Alfa Financial and the high confidence in the unique quality products offered by Retal and the real estate market that befits the aspirations of the leadership and the Saudi citizen.