Ajdan, Mask Investment, and SEDCO Capital launch $266.6mln real estate fund

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Ajdan Real Estate Development Company, Mask Investment Company, and SEDCO Capital have come together to establish a real estate investment fund. Announced at the Real Estate Restatex Exhibition in Riyadh, which took place from February 18 to February 21, 2024, the fund will support the development of "Grand Square," a mixed-use project in Jeddah.

The "Grand Square" project, situated on a sprawling 47,060 square meter area along the prestigious King Abdulaziz Road in Jeddah, promises to be a landmark destination. Represented by Abdulrahman Al Muhaidib of Ajdan, Hani Halwani of Mask Investment, and Abdulwahab Abed of SEDCO Capital, the agreement marks a strategic partnership aimed at setting new benchmarks in the real estate sector.

Engineer Mohammed bin Abdulmohsen Al Otaibi, CEO of Ajdan, emphasized the project's alignment with the Kingdom's Vision 2030, highlighting its potential to significantly enhance urban design and quality of life through its mix of commercial, residential, office, and hotel spaces.

Hani Halwani, CEO of Mask Investment, underlined the project's strategic importance, noting its potential to drive economic growth and bolster tourism in the Kingdom. He praised the collaborative effort as indicative of a shared commitment to high-value real estate development that prioritizes quality, design, and sustainability.

Abdulwahab Abed, CEO of Investment at SEDCO Capital, highlighted the vibrant real estate sector's momentum in Saudi Arabia, particularly in light of Vision 2030's goals. He pointed out "Grand Square's" strategic location and its promise of stable, sustainable returns for tenants and investors alike. Abed also reaffirmed SEDCO Capital's commitment to selective, Sharia-compliant real estate investments and expressed enthusiasm for the collaboration with Ajdan and Mask Investment, both of which have a solid track record in executing landmark projects.