Hassana, the investment manager for the Saudi General Organization for Social Insurance (GOSI), has announced a strategic partnership with Kinan International Real Estate Development Company to invest in an innovative mixed-use real estate project in Riyadh.
The key project, which spans 2 million square meters in the Al Rimal district of Northern Riyadh, will include residential, educational, healthcare, entertainment, retail, and office spaces, as well as other modern amenities.
This comprehensive, world-class community is intended to meet the changing needs of modern Saudi lifestyles, it stated.
Hassana, which manages over SAR1.2 trillion ($320 billion) in assets, invests on behalf of all Saudi generations for future pensions. It is tasked with creating long-term value and delivering the best investment outcomes across assets and geographies by using strategic vigor and leveraging its scale to achieve its vision today and in the future.
According to Hassana, the development is intended to house up to 9,000 modern residential units and will have a total commercial (office/retail) built-up area of 222,000 square meters.
The move is intended to meet the growing demand for high-quality residential masterplans in Riyadh, in line with Saudi Vision 2030’s goals of providing top-tier housing communities for Saudi families, according to the statement.
This collaboration aligns with Saudi Vision 2030 objectives and is a step toward urban development in Riyadh, according to Hassana CEO Saad bin Abdulmohsen Al Fadly, who signed the agreement with Kinan’s Managing Director and CEO, Nidal Abdulmajeed Jamjoom.
“The investment aligns with Hassana’s mission to invest for the long term across asset classes including high-quality real estate projects in partnership with experienced developers and capitalizing on their unique expertise. We are excited to contribute to the ongoing transformation of the urban landscape while enabling a financially secure future for all Saudi generations,” he stated.
According to Jamjoom, Kinan remains committed to delivering a development that not only meets but exceeds, the expectations of modern Saudi families.
“Our goal is to establish a community that offers a superior quality of life, enabling residents to flourish,” he added.
