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Hassana, the investment manager of the Saudi General Organization for Social Insurance (GOSI), has announced a strategic collaboration with Kinan International Real Estate Development Company for investment in an innovative mixed-use real estate project in the capital Riyadh.
Strategically located in the Al Rimal district of Northern Riyadh over a 2 million sq m area, the key project will incorporate residential, educational, healthcare, entertainment, retail, and office spaces alongside other contemporary amenities.
This comprehensive, world-class community is designed to meet the evolving requirements of contemporary Saudi lifestyles, it stated.
Hassana, which boasts over SAR1.2 trillion ($320 billion) of assets under management, has been making investments on behalf of all Saudi generations for their future pensions. It is entrusted with creating long-term value and delivering the best investment outcomes across assets and geographies by applying strategic vigour and leveraging its scale to fulfil its vision – today and for the future.
According to Hassana, the development is designed to accommodate a maximum of 9,000 modern residential units and will encompass a total commercial (office/retail) built-up area spanning 222,000 sq m.
The move is aimed at addressing the increasing demand for quality residential masterplans in Riyadh, in line with the goals of Saudi Vision 2030 to provide top-tier housing communities for Saudi families, it added.
This collaboration aligns with Saudi Vision 2030 objectives and is a step towards urban development in Riyadh, remarked Saad bin Abdulmohsen Al Fadly, the CEO of Hassana, after signing the deal with Nidal Abdulmajeed Jamjoom, the Managing Director and CEO of Kinan.
"The investment aligns with Hassana’s mission to invest for the long term across asset classes including high-quality real estate projects in partnership with experienced developers and capitalising on their unique expertise. We are excited to contribute to the ongoing transformation of the urban landscape while enabling a financially secure future for all Saudi generations," he stated.
Jamjoom said Kinan remains steadfast in its commitment to delivering a development that not only meets but exceeds the expectations of contemporary Saudi families.
"Our goal is to establish a community that offers a superior quality of life, enabling residents to flourish," he added.
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