Dubai – Mubasher: SHUAA Capital on Tuesday announced signing a memorandum of understanding (MoU) with Saudi-based Jabal Omar Development Company through which the two companies aim to launch and manage real estate investment vehicles in Saudi Arabia.
The deal comes after Jabal Omar signed an MoU with the Abu Dhabi Financial Group (ADFG), the majority shareholder in SHUAA Capital, in order to highlight and explore partnerships in Makkah and Saudi Arabia as a whole.
Under the new deal, UAE-based SHUAA Capital and Jabal Omar will seek “avenues of cooperation towards the creation and management of a set of strategic real estate funds directed towards managing the development and expansion of centrally located real estate hotspots across the Kingdom,” SHUAA said in a statement.
It is worth noting that SHUAA Capital’s Saudi subsidiary, SHUAA Capital Saudi Arabia (SCSA), has been given an operating licence in the kingdom since 2008. Since then it has run a number of real estate funds and managed the development of prime projects.
“We are delighted with the strategic partnership with SHUAA and the potential business that we envisage to develop together, given their track record and experience in real estate in the Kingdom of Saudi Arabia. This MoU demonstrates commitment to our strategy to build new strategic relationships with key stakeholders in the region,” commented Jabal Omar CEO Yasser Al-Sharif.
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SCSA has delivered hospitality properties in Jeddah, Riyadh, and will launch another project in Dammam in the near future. SHUAA’s Saudi unit has also recently announced the ground-breaking SAR 1.4 billion mixed-use development in Riyadh’s Wadi Al Hada.
Meanwhile, SHUAA Capital chairman Jassim Alseddiqi said he was looking forward to partnering with Jabal Omar on upcoming real estate investment projects throughout the kingdom.
“SHUAA’s established record in managing real estate funds and developments within the Kingdom, coupled with Jabal Omar’s unique reputation and achievements in building prime mega developments, will help create a favourable and mutually-beneficial partnership model for delivering the highest quality developments and achieve returns for stakeholders,” Alseddiqi said.
The SHUAA Capital-Jabal Omar Development alliance is set to be one of several planned ventures aims at bolstering Saudi Arabia’s growing economy, as part of the Kingdom’s Vision 2030.
