Seef Properties and Majd Investment Company have formed a strategic alliance to develop a mixed-use project in Dammam, Saudi Arabia, valued at BD50 million. The development aims to blend residential, commercial, and entertainment spaces while adhering to high sustainability standards. This initiative marks Seef Properties’ first project in Saudi Arabia and reflects both companies’ commitment to enhancing the region’s real estate landscape in line with Vision 2030.
Seef Properties, the premier integrated developer of retail and entertainment in Bahrain, has partnered with Saudi Arabia’s Majd Investment Company to launch a notable mixed-use project in Dammam, valued at approximately BD50 million. This marks Seef Properties’ inaugural venture into the Saudi market, announced during their participation at Cityscape in Riyadh. The project aims to create a versatile environment combining residential, commercial, and entertainment spaces within a significant area of 78,000 square meters, with 71,780 square meters designated for built-up space. Highlights of the development will include retail outlets, dining venues, hospitality services, fitness centers, and a family entertainment center managed by Seef Entertainment. Seef Properties’ Chairman, Mr. Essa Mohamed Najibi, remarked on the project’s alignment with strategic initiatives to increase shareholder value and profitability by entering growing markets, particularly in Saudi Arabia’s evolving landscape. The project underscores their commitment to fostering a retail and entertainment ecosystem in line with Saudi Vision 2030, dedicated to economic diversification and creating vibrant spaces corresponding to the Kingdom’s growth trajectory. Mr. Ibrahim Al Majdouie, Vice Chairman of Majd Investment Company, expressed confidence in their partnership with Seef Properties, noting it as a strategic move to address the rising demand for mixed-use destinations in the rapidly developing Dammam region. He emphasized that their collaboration will leverage both the project’s advantageous location and Seef’s expertise. Seef Properties operates a diverse portfolio including Seef Malls and Al Liwan, a celebrated development that recently won accolades at the Middle East Council of Shopping Centers & Retailers Awards. Founded in 1999, the company has garnered recognition as a leading real estate entity in Bahrain, focusing on innovation and excellence in the retail, hospitality, and entertainment sectors. Meanwhile, Majd Investment Company has played a significant role since its inception in 1965, managing investment portfolios that include real estate, public equities, and venture capital.
Seef Properties is a prominent developer in the Kingdom of Bahrain, specializing in retail and entertainment real estate. This recent partnership with Majd Investment Company marks an important milestone for Seef Properties as they expand their operations into Saudi Arabia, a burgeoning market anticipated to present numerous opportunities for growth. Meanwhile, Majd Investment Company, established over five decades ago, plays a critical role in facilitating diversified investments within the region, thus positioning itself favorably in a rapidly changing economic landscape.
The partnership between Seef Properties and Majd Investment Company signifies a strategic initiative in response to the burgeoning demand for integrated mixed-use developments in Saudi Arabia. By combining residential, commercial, and entertainment functions, the project aims to create a vibrant atmosphere, while aligning with national goals for economic diversification. The collaboration is poised to enhance both companies’ investment portfolios and contribute positively to the local economy.
Original Source: www.zawya.com
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