Saudi-based diversified investment company Adel and Sidra Capital have launched a residential project in Dammam West in the Eastern Province, valued at 1.3 billion Saudi riyals ($346.49 million).
 
Adel District, located within 'Adel' mixed-use master plan, will feature 858 residential units, both companies said in a joint statement.

The mixed-use community includes residential units, health centres, commercial facilities, educational institutions and green spaces.

No details were provided on the construction and completion timelines.

Other partners in the project include Khobar-based real estate companies Innovest and Spinel, and Saudi Awwal Bank (SAB).

​(Editing by Anoop Menon) (anoop.menon@lseg.com)

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