Al Basateen, Riyad Capital launch SAR 2B fund to develop Kings Square real estate project in Riyadh

The signing of the agreement

Luxury real estate developer Al Basateen, a subsidiary of Alshegrey Group, and Riyad Capital, one of the largest asset managers in the Kingdom of Saudi Arabia and pioneer in the real estate investment space, announce the launch of a real estate fund exceeding SAR 2 billion ($533 million) during Cityscape Global 2024 to develop the ‘Kings’ Square’ real estate project.

Located in Riyadh, Kings’ Square is being designed by global architectural firm OMA, and will offer a variety of residential, commercial and office spaces. The development will cover a built-up area of more than 240,000 square meters, spread across 12 towers connected by a series of landscaped courtyards designed with trees and greenery to provide ample shaded natural spaces. The project’s strategic location at the intersection of King Salman Road and King Fahd Road places it in one of the most vibrant areas of the city offering residents and visitors access to a unique and innovative lifestyle destination.

Speaking to media after the announcement, Abdulaziz Khalid Alshegrey, CEO of Al Basateen, said: "We are proud of our partnership with Riyad Capital, which marks a new beginning in developing unique and high-quality projects that cater to the growing demand for office, commercial, and residential spaces in Riyadh. This project will set a benchmark for integrating modern designs with Saudi Arabia’s cultural identity and authentic architectural heritage, taking full advantage of the opportunities created by Vision 2030 to advance the real estate sector and elevate the quality of real estate products. We are committed to maintaining our reputation, which is founded on our client-centric focus on excellence and elegance."

Commenting on the launch, Dr. Abdullah Alshwer, CEO of Riyad Capital, said: "Our partnership with Al Basateen is testament to our continued dedication to delivering diverse real estate products that cater to the growing demand in Saudi Arabia’s thriving real estate market. We are proud to play a role in empowering the Kingdom’s real estate development sector and to create rewarding investment opportunities for both Saudi and international investors, in line with Vision 2030 objectives for sector development and economic growth."