Al-Khozama Investment Company, one of the most prominent Saudi companies in the fields of hospitality and real estate, and GFH Capital, the Saudi direct investment and asset management arm of GFH Financial Group, announced the entry of a strategic partnership to develop a pioneering mixed-use real estate project in the heart of the capital, Riyadh. This partnership represents a milestone in GFH’s expansion process in the Saudi market, and confirms the two parties’ shared commitment to developing world-class destinations that contribute to enhancing the urban landscape in the Kingdom and support its ambitious goals for economic transformation.
The project is located next to the famous Al Faisaliah Tower on King Fahd Road in the Olaya district, and will include a distinguished group of luxury residential apartments and hotel brands, in addition to Class A offices, retail outlets, health and entertainment facilities, and a modern parking complex that serves the project and the surrounding area. With a total development cost estimated at approximately 1.5 billion Saudi riyals, the new destination is a new standard for integrated, mixed-use projects in Riyadh, as it reflects the city’s evolution towards becoming a vibrant global capital.
This partnership brings together Al-Khozama Company’s long-standing experience in the fields of hospitality and real estate development, GFH’s regional capabilities in investment and financial engineering, and the competence of Outlief Group Limited in design and supervision as development manager. The three parties have already begun work on the planning, design and regulatory procedures in preparation for launching this distinguished project.
On this occasion, Mr. Khalid bin Saleh Abu Hamid, CEO of Al Khozama Investment Company, said: “This partnership with GFH reflects our shared aspirations to redefine the integrated urban lifestyle in the city of Riyadh. Based on Al Khozama’s long legacy in the fields of hospitality and real estate, this project will enhance the standards of integrated development in the Kingdom and add qualitative value to the local market.”
For his part, Mr. Razi Al-Mirbati, CEO of GFH Capital, commented: “We are proud of our partnership with Al-Khozama Company in this landmark project in the heart of Riyadh. The Kingdom continues to provide exceptional investment opportunities for future investors, and GFH is committed to harnessing its expertise, networks and resources to create sustainable value and contribute to achieving the goals of Vision 2030.”
Mr. Walid Al-Hindi, General Manager of Outlief Group Limited, explained: “We are pleased to collaborate with Al-Khozama and GFH on this distinguished project that embodies the concepts of innovation, sustainability and human-centered design. Our vision is to create a destination that harmoniously combines living, working and entertainment, and at the same time reflects the cultural identity and modern aspirations of the city of Riyadh. This project will serve as a model for the development of modern cities in the region.”
