“Retal” and “Alpha” announce residential real estate projects with a total investment of SAR 7.5 billion
Retal Urban Development Company announced in a press conference the launch of the “Alpha Capital Saudi Real Estate Development Fund 1”, of over half a billion Saudi Riyals, which will invest in the quality and unique project “Marasi” located between the cities of Al Khobar and Dammam on the coastal road, in partnership with Alpha Capital.
“Marasi” project attracts 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 recreational areas, pedestrian paths, bicycle lanes, green spaces and gardens.
The project is located on a direct sea view on the Arabian Gulf, between the coastal cities of Al Khobar and Dammam along King Saud Road, and spans 609,000 square meters. The project’s location is strategic and vital; it is a distinct investment opportunity, as it has unique characteristics in terms of international design standards and adherence to the highest quality of life requirements in accordance with the Saudi Vision 2030, noting that the residential plots range from 375 to 600sqm, and investment lands are available with areas ranging from 1800 to 2,200sqm. Retal will develop more than 200 residential units that provide a modern lifestyle within integrated services that meet the customers’ needs.
The developer’s work is focused on meeting the highest quality of life standards, as the central garden of 35,000 square meters, along with the open landscape, is the project’s main focus. It is executed in a way that has never been done before in any urban scheme in the region. In terms of construction, Retal has adopted in this project the highest levels of quality and safety in the implementation and application of the latest Saudi Building Code standards.
Commenting on the launch of the fund, Mr. Fahad bin Khaled Al-Saud, Managing Director and CEO of Alpha Capital, said: “The large turnout from investors generated by the fund during the offering period reflects our commitment to selecting unique opportunities and creating added value for our customers, by exploring all investment opportunities from a comprehensive perspective and in various asset categories.”
“We take pride in our partnership with Retal and always look forward to providing quality real estate opportunities that would enhance the quality of life and contribute to achieving the nation’s vision,” he added. We also look forward to launching more promising real estate projects as part of our joint strategic vision with Retal, with an investment of more than SAR 7.5 billion until 2030.
Eng. Abdullah bin Faisal Al-Braikan, CEO of Retal, stated that “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 wise government represented by the Saudi Vision 2030, which promotes the establishment of projects aimed at welfare and quality of life. He also praised the concerted efforts and partnership with Alpha Capital, as well as the high level of trust in the unique quality products offered by Retal, while providing the real estate market with what suits the aspirations of the leadership and the Saudi citizen.