Saudi-based asset manager Sidra Capital and Four Directions, a real estate developer in Riyadh, have signed a memorandum of understanding (MoU) to invest more than 450 million Saudi riyals ($119.88 million) to develop the Fashion District project in Riyadh. 

The Fashion District will include a luxury hotel, office spaces, residential units, retail outlets, as well as a dedicated events and exhibition venue. 

The announcement follows an earlier MoU signed in January between the Fashion Commission, an entity responsible for fashion design activities in Saudi Arabia, and Four Directions.

The Fashion District is expected to generate significant economic and cultural impact across the Kingdom and the region.  It will provide a supportive environment for innovation and creative production as well as attract global brands, entrepreneurs and investors to accelerate Saudi Vision 2030’s goals of diversifying the economy. 

The total cost of the Fashion District has not been disclosed.

Last week, Sidra Capital and Saudi-based diversified investment company Adel had launched a $346.49 million residential project in Dammam West in the Eastern Province.

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

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