Dar Al Arkan, SNASCO Real Estate JV to develop tower on Jeddah Corniche – MEP MiddleEast

Dar Al Arkan, SNASCO Real Estate JV to develop tower on Jeddah Corniche – MEP MiddleEast

Dar Al Arkan and SNASCO Real Estate, two of the leading real estate companies in Saudi Arabia with a broad portfolio of prestigious projects, have signed a JV agreement to drive the development of the luxury property market, and catalyse the diversification and growth of the Kingdom's real estate industry.

The joint venture will develop a luxury residential tower in the heart of the Jeddah Corniche. Featuring approximately 300 luxury apartments directly overlooking the Red Sea, the homes will capture the appeal of seafront living coupled with modern living amenities and services. Work on the development is expected to start in Q4 2021.

Popular with residents and visitors, the Jeddah Corniche, which stretches over 30km along the coast, is one of the popular residential and recreational destinations, featuring restaurants, retail outlets, hotels, an aquarium, a cultural centre, parks, and fountains.

Dar Al Arkan and SNASCO's luxury tower will further amplify the corniche's appeal as a prominent residential location.

The chairman of Dar Al Arkan Properties, Yousef Al Shelash said: “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 in forging