Hassana, Dar wa Emaar sign MoU to develop 1.2M sqm real estate project in Riyadh

The signing ceremony

Hassana Investment Co. (Hassana) signed a memorandum of understanding (MoU) with Dar wa Emaar Real Estate Investment & Development Co. (DWE) to develop a 1.2 million square meter real estate project in the Al Qadissiyah district of North Riyadh.

In an emailed statement to Argaam, Hassana said this collaboration, a strategic partnership built on mutual strengths, will focus on master planning, infrastructure development, public amenities, and potentially developing anchor real estate assets.

The development will accommodate up to 4,000 modern residential units and provide a total retail built-up area of approximately 100,000 square meters, the statement added.

The company noted that the residential-focused master plan development will offer quality residential, educational, entertainment, and retail spaces to meet the growing needs of modern Saudi families. It also creates attractive development opportunities for the private sector sub- developers.

Ahmed W. Alqahtani, CIO - Regional Markets of Hassana said, “This investment aligns with Hassana’s mission to invest in high-quality real estate projects in partnership with strong partners enabling sustainable returns to secure the future of all Saudi generations. In line with Vision 2030, this investment will add value to the thriving local economy and create partnership opportunities for the private sector.”

Osama Alkhunaizi, CEO of DWE, said “Dar wa Emaar is thrilled to partner with Hassana on this strategic project. This collaboration underscores our commitment to contributing to the Kingdom's ambitious Vision 2030 by providing world-class living spaces and amenities that cater to the needs of Saudi families.”