Dubai: Two of the greatest names in the Saudi real estate development space are joining forces for a new luxury tower. Dar Al Arkan and SNASCO Real Estate will build on the Jeddah corniche overlooking the Red Sea and will provide up to 300 apartments. Work should start in the fourth quarter this year.
“The new joint venture embodies the strategic aspirations of Dar Al Arkan and SNASCO, not only in contributing to and elevating the real estate sector for the future of the economy, but also forging local collaborations to achieve important developmental milestones for the Kingdom,” said Yousef Al Shelash, Chairman, Dar Al Arkan Properties.
The Jeddah Corniche, which covers over 30 kilometers along the coast, is one of the city’s famous residential and recreational destinations. Much of the development activity in the Kingdom has come from its massive tourism and infrastructure projects. But a great deal is changing in the residential property market as local demand starts to build up nicely and new buyers enter.