Kanoo Real Estate and Rafal Real Estate Development Co. Sign deal for Alegria

TDT | Manama                                                      

The Daily Tribune – www.newsofbahrain.com

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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 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, Mrs. 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.

Dr Faisal Khalid Kanoo, Board Member of the Yusuf Bin Ahmed Kanoo Group said: “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: “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: “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, “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.”