Seef Properties, the largest integrated developer of retail and entertainment destinations in the Kingdom of Bahrain, has formed a strategic partnership with Saudi-based investment company, Majd Investment Company to work on a mixed-use project in Dammam.
The project, valued at around $132 million (BD50 million), marks Seef Properties’ inaugural venture in Saudi Arabia. The announcement was made during the companies’ participation in Cityscape, held recently at Riyadh International Conventions and Exhibitions Center.
According to the statement, “A unique initiative for Saudi Arabia, the new development aims to create a multi-purpose space that combines residential, commercial, entertainment, and office areas. Designed to foster a vibrant and dynamic environment, it will offer comfort and luxury, with a strong focus on applying the highest sustainability standards.”
The key components of the project include retail outlets, dining options, hospitality services, fitness facilities, and a family entertainment center operated by Seef Entertainment. The project spans a total area of approximately 78,000 sqm with a built-up area of 71,780 sqm.
Essa Mohamed Najibi Chairman – Seef Properties
“This project is part of Seef Properties’ strategic plans to maximize shareholder value and enhance revenue and profitability through entering new markets in the region, particularly the thriving Saudi market. It is in line with our strategy of investing in promising opportunities and expanding our investments in the entertainment and hospitality sectors within Saudi Arabia. The project will also diversify the company’s investment portfolio as we aim to bring our experience in real estate development and entertainment to the Saudi market, enriching the real estate and commercial portfolio in the Eastern Province.”
“Our efforts are in line with Vision 2030, focusing on economic diversification and creating vibrant spaces that reflect the Kingdom’s growth. We are committed to fostering a vibrant retail, hospitality, and entertainment ecosystem that meets the evolving demands of the market,” the Seef Properties Chairman added.
Majd Investment Company’s Vice Chairman, Ibrahim Al Majdouie said that, “Our partnership with Seef Properties is a strategic move aligned with the company’s vision to develop projects that meet the growing demand for mixed-use destinations in the Eastern Province, particularly in Dammam, which is witnessing rapid and significant development.”
“We are confident that this partnership will add substantial value to the project, leveraging its strategic location and Seef Properties’ extensive expertise and deep knowledge of the region’s markets, in turn enhancing the project’s appeal to both visitors and investors,” Al Majdouie further noted.
