After receiving approval from the Capital Market Authority for the “SEDCO Capital Darco Al Shati Fund” as a private closed offering, Darco Real Estate Company announced an SR485 million project in the Al Shati district of Jeddah in partnership with SEDCO Capital and Sahem Financial Platform. Sahem will bid SR65 million worth of investment units through the fund, with Darco committing SR35 million in cash and in-kind contributions.
About 20,000 square meters will be covered by the project, which will be located on a Jeddah waterfront. It will include 28 buildings with more than 500 residential units, 600 parking spaces, and a variety of sports and recreational amenities.
When these units are sold after 30 months to a range of buyers, including those who buy directly, off-plan, or through commercial banks, the fund hopes to realize sizable capital gains.
The CEO of Darco Real Estate, Dr. Omar Al-Qahtani, characterized this as a strategic project that is intended to satisfy the highest quality standards and offer opulent living close to Jeddah’s main tourist attractions with distinctive services.
Dr. Omar Al-Qahtani stressed the project’s dedication to providing excellent living conditions inside a large residential complex that is ideally situated close to popular tourist and entertainment destinations. He also emphasized the company’s objective to use its experience as the leading real estate developer in Jeddah to provide a distinctively opulent living environment.
This project is further empowered by the fact that SEDCO Capital, a major partner in this ambitious endeavor, is a closed joint-stock company that is entirely owned by SEDCO Holding Group and has been granted authorization by the Saudi Capital Market Authority for multiple investment activities.
