Monday, January 16, 2017

Saudi developer Cayan surges ahead with $1.46bn projects

Cayan Group, a leading Saudi-based property developer and real estate investment group, said it has achieved remarkable success in 2016 with the launch of SR5.5 billion ($1.46 billion) projects across the Middle East region.

Cayan pointed out that 2016 was an ‘Year Of Excellence’ with the group achieving all its strategic business objectives last year and even surpassing some of its tactical objectives.

Throughout the year, the group surged ahead with planned projects and made steady progress in both construction and sales

In Riyadh, the CMC Tower’s enabling and structural packages were completed ahead of schedule in May within three and six months respectively, said the Saudi developer in its statement.

In addition, the group successfully launched Samaya project, a high-end mixed-use development located in a very primary area in Riyadh and the project is currently in the midst of the enabling stage.

In Dubai, the group launched the Cayan Arjaan Hotel Apartments in November at a press conference, during which it revealed that the residential tower of the Cayan Cantara project would also be managed and operated by renowned hospitality brand Rotana under their ‘Residences’ badge.

The sales of units in both the Samaya project in Riyadh and Cayan Cantara in Dubai have been remarkable with about 50 per cent already sold in each of the developments, thus leaving the group with a positive outlook for 2017.

Ahmed Alhatti, the chairman and president of Cayan Group, said: "The general fluctuation in economic conditions in the Gulf region, and in particular in Saudi Arabia, has thrown some challenges our way too but these have not had a lasting or deep effect on our plans."

"Challenges are neither a phenomenon or a permanent setback; they can be rectified through planning and preparation,"  noted Al Hatti.

On its 2016 achievements, the group chairman said one of its key areas of strategic expansion last year was the GCC’s hospitality sector though its Cayan Hospitality, and the development of projects such as Cayan Cantara.

“The hospitality sector is brimming with opportunities. It would be a shame not to be involved as we have a lot to offer when it comes to developing high-quality, high-end, and fascinating projects. We envision being a point of interest for the tourists whether they stay in a Cayan-branded hotel, or visit any Cayan-branded building,’’ remarked Alhatti.

“The Group will continue to seek opportunities in this sector in 2017,” he added.

Also part of the group’s strategy in 2016 was entering the world of IT and technology by implementing a new Microsoft Dynamics system. “We will carry on to adopting more revolutionary IT systems in 2017 that will enhance our real estate services across all of our entities,” Alhatti added.

"However, much like in 2016, the main focus for Cayan Group for 2017 remains its core business which is the development of iconic and awe-inspiring real estate. With three mega projects in the pipeline, Cayan continues to lead the way as the master-developer of choice in the Arab world as well as penetrating new market opportunities on an international scale," stated Al Hatti.

The group’s notable regional projects for 2017 will include a mixed-use development in north Riyadh and an iconic waterfront development in Jeddah.

On an international level, besides the la Mairena project in Spain, Cayan will also launch an ambitious mixed-use development in a prime location in London, UK.

"As 2016 draws to a close, we have a strong pipeline of projects that are custom-made to meet the needs of the real estate investors in the region and that stand out due to their individuality and exceptional quality," remarked Al Hatti.

"We are proud of what we have achieved and we are unified in our vision to extend these values to all our businesses," he added.-TradeArabia News Service



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