ZAWYA-PRESSR: Adel launches Adel District residential project
A.OTHAIM MARKET 4001.SA | 0.00 |
Dammam, KSA, “Adel” Company, in cooperation with “Sidra Capital” -a company licensed by the Capital Market Authority- (CMA), announced the launch of the integrated “Adel District” residential project within the “Adel District” project west of Dammam.
The target investment is SAR 1.3 billion, intended to develop 858 residential units in the “Adel District”, -one of the most prominent integrated residential projects developed by the company in the Eastern Province-, thereby enhancing the housing supply and meeting the growing demand for residential products in the Kingdom.
The launch of the project aligns with “Adel” Company’s strategy to benefit from modern investment tools and effective institutional partnerships to accelerate real estate project development, improve capital efficiency, and support the urban and housing development targets set by the Kingdom’s Vision 2030.
The “Adel District” boasts a strategic location west of Dammam, overlooking King Fahd Road (Airport Road) and is linked to major roads, including King Saud Road to the north and Riyadh Road to the south. It also offers easy access to various cities in the Eastern Province. Furthermore, the district is close to several vital facilities and services, including Al Othaim Park, Alasala Colleges, the Saudi German Hospital, and King Fahd International Airport.
The district is a fully integrated, mixed-use development featuring a range of residential, commercial, and service facilities, along with green spaces, central parks, and gardens, most notably "Adel Park 1" and "Adel Park 2." It also includes health centers, commercial facilities, and educational institutions, enhancing its appeal as a comprehensive destination for both living and investment.
Fouzy Al-Marzooq, Chief Investment Officer at “Adel”, stated: "The residential sector in the Kingdom is experiencing rapid growth, requiring investment models capable of transforming opportunities into tangible projects that meet the needs of Saudi families. This agreement represents a significant step towards accelerating the pace of residential project development and improving the efficiency of capital utilization in the sector, thereby contributing to strengthening the housing supply and providing products that align with market aspirations and the requirements of the next phase."
The launch of the fund reflects “Adel” Company’s approach towards using modern investment tools to develop high-quality housing projects, thereby supporting sustainable urban development and enhancing the real estate sector’s contribution to achieving the goals of the Kingdom’s Vision 2030.
About Adel Company
Adel Company is a diversified Saudi investment company that focuses on real estate development and investment in projects and infrastructure. It seeks to develop integrated and sustainable urban communities by adopting best corporate practices and strategic partnerships that create long-term value for shareholders and society.
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