o develop Alegria, major residential project in Riyadh
Press Release
(Riyadh, Kingdom of Saudi Arabia) – Kanoo Real Estate, a Division of the Yusuf Bin Ahmed Kanoo Group, announced their strategic partnership with Rafal Real Estate Development to elevate the real estate landscape in the Kingdom of Saudi Arabia. The strategic partnership, which is at the final stages of obtaining authority approvals, and formalized at Cityscape Global 2024 earlier this week, leverages the combined expertise of both companies to drive innovation and growth within the sector.
The signing ceremony was attended by Dr. Faisal Khalid Kanoo, Board member the Yusuf Bin Ahmed Kanoo Group, Mr. Sulaiman bin Abdulkadir Al Muhaidib, Chairman of Rafal Development, Mr. Talal Fawzi Kanoo, Chairman of Kanoo Real Estate, Ms. Saffia Abdulla Kanoo, Vice-Chairman of Kanoo Real Estate, Mr. Elias Abousamra CEO of Rafal, Mr. Mohamed Abdulelah Al Kooheji, Chief Executive Officer of Kanoo Real Estate, and other senior representatives from both companies.
This strategic partnership between Kanoo Real Estate and Rafal Real Estate Development builds upon the successful launch of the Alegria project, a half-billion-Riyal development in Riyadh’s Al Narjes district in February 2024. Both companies are committed to contributing to Saudi Vision 2030 by creating vibrant communities and fostering economic diversification.
Alegria, a unique 78,000-square-meter residential community inspired by Salmani architecture, offers a diverse range of housing options, comprising 114 villas and 111 apartments. Residents will enjoy convenient access to retail, dining, and entertainment options, seamlessly integrated into lush landscaping with ample green spaces. Designed for modern families, this contemporary development combines the warmth of tradition with the comfort of modern living.
Commenting on this partnership, Dr Faisal Khalid Kanoo, Board Member of the Yusuf Bin Ahmed Kanoo Group said: “We are proud to partner with Rafal Real Estate Development Co. on the exceptional Alegria project. This strategic partnership strongly aligns with our commitment and mission to contribute to Saudi vision 2030 by creating vibrant communities, and our ambitious vision to expand our footprint in the Kingdom of Saudi Arabia.
Mr. Sulaiman bin Abdulkadir Al Muhaidib, Chairman of Rafal Real Estate Development, stated: “Alegria project represents more than just a residential development; it’s a vision brought to life through strategic partnership and a deep understanding of modern Saudi lifestyles. Our alignment with Kanoo Real Estate underscores our dedication to raising the standard of living with thoughtfully designed, vibrant communities.”
Mr. Elias Abousamra, CEO of Rafal Real Estate Development, added: “Our collaboration with Kanoo Real Estate in developing Alegria marks a defining step forward in Rafal’s journey to create integrated, sustainable communities in line with the Kingdom’s vision. We’re thrilled to bring this unique project to Riyadh, combining our shared commitment to quality and innovation to meet the evolving lifestyle needs of Saudi residents. We are also pleased to attract significant GCC investment to the Kingdom, reinforcing Saudi Arabia as a premier destination for regional growth and prosperity.”
Mr. Mohamed Abdulelah Al Kooheji, Chief Executive Officer of Kanoo Real Estate, also commented, “Our strategic alliance with Rafal Real Estate Development Co. represents a significant milestone in Kanoo Real Estate’s unwavering commitment to enhance the real estate urban landscape of the Kingdom of Saudi Arabia, particularly in the thriving Riyadh market. Alegria is a premium development distinguished by blending Salmani architectural heritage with contemporary design. With integrated landscaping, state-of-the-art amenities and a diverse range of residential options, it reflects our shared vision to elevate community living standards through innovative and sustainable real estate solutions.”