Real estate investment and development company Nef has signed a memorandum of understanding (MoU) with King Abdullah Economic City (KAEC), a subsidiary of Saudi Arabia’s Public Investment Fund (PIF), for its first project in the kingdom .
The agreement, concluded during this year’s Cityscape Global, foresees the construction of a $700 million complex near Jeddah, comprising a hotel, retail space and residential units.
KAEC spans 185 million square meters along the Red Sea coast north of Jeddah.
Nef is a global real estate developer with a footprint spanning across 3 continents, 7 countries and over 85 landmark projects completed to date.
PIF is one of the world’s largest sovereign wealth funds with close to $925 billion of assets under management.
Prof. Emrullah İşler, Turkish Ambassador to Saudi Arabia, attended the ceremony, where Abdulaziz Alnowaiser, CEO of KAEC, and Erden Timur, chairman of Nef, formalized the partnership.
“We are proud to work with KAEC in shaping the future of modern urban living in Saudi Arabia,” said Erden Timur, Chairman of Nef. “This partnership allows us to bring our design philosophy and international expertise to one of Saudi Arabia's most promising and dynamic destinations,” he added.
“Our collaboration with Nef reflects KAEC's commitment to expanding its residential and lifestyle offerings through partnerships with leading developers. This agreement represents the next chapter in our journey to build a modern, sustainable city that brings together innovation, community and quality of life,” commented Abdulaziz Alnowaiser, CEO of KAEC.
