Riyadh’s Alegria Project: Kanoo Real Estate and Rafal Real Estate Development Co. Sign Strategic Partnership to Develop Alegria
November 2024 (Riyadh, Saudi Arabia) – A new chapter in Saudi Arabia’s urban landscape unfolds as Kanoo Real Estate and Rafal Real Estate Development Co. join forces to develop Alegria, an innovative residential community in Riyadh. This collaboration, formalized at Cityscape Global 2024, signifies a strategic milestone for both companies, reflecting their shared vision of advancing modern living while upholding cultural heritage.
The partnership, now in its final stages of regulatory approval, brings together two industry leaders dedicated to reshaping Saudi Arabia’s real estate sector in alignment with Vision 2030. Their shared goal is to foster vibrant, inclusive communities that not only meet but elevate the expectations of contemporary Saudi families.
Alegria: A Fusion of Heritage and Modernity
Alegria, a 78,000-square-meter development in Riyadh’s Al Narjes district, epitomizes the blend of Salmani architectural tradition with contemporary design. The community offers 114 villas and 111 apartments surrounded by lush green spaces and integrated amenities. Designed to support a high-quality lifestyle, residents will have access to retail outlets, dining establishments, and entertainment options, all within walking distance.
“This project reflects more than just an architectural vision—it’s a testament to our commitment to Saudi Vision 2030,” said Dr. Faisal Khalid Kanoo, Board Member of the Yusuf Bin Ahmed Kanoo Group. “Our partnership with Rafal Real Estate represents a shared dedication to creating vibrant and sustainable communities.”
Strategic Synergy for Urban Excellence
The announcement builds on the successful February 2024 launch of Alegria, a project valued at half a billion Riyals. This collaboration highlights the role of private-sector initiatives in driving Saudi Arabia’s urban transformation.
“Alegria is not merely a residential project; it’s a lifestyle concept tailored to the evolving needs of modern Saudi families,” remarked Sulaiman bin Abdulkadir Al Muhaidib, Chairman of Rafal Real Estate Development. “Our collaboration underscores the importance of partnerships in achieving community-focused growth.”
Kanoo Real Estate’s CEO, Mohamed Abdulelah Al Kooheji, elaborated on the project’s significance: “Alegria represents our shared vision to enhance community living standards through innovation. This development offers a harmonious mix of heritage-inspired design and modern amenities, setting a new benchmark for urban living in Riyadh.”
Towards a Sustainable Future
The partnership underscores the commitment of both companies to sustainability and innovation. By leveraging their collective expertise, Kanoo Real Estate and Rafal aim to position Riyadh as a hub for premium real estate development and attract significant Gulf Cooperation Council (GCC) investment.
Rafal’s CEO, Elias Abousamra, emphasized the broader implications of the collaboration: “This project is a defining moment in Rafal’s journey to create integrated, sustainable communities. It’s not just about constructing homes; it’s about fostering environments that inspire and nurture the people who live there.”
About Kanoo Real Estate and Rafal Real Estate Development Co.
With roots dating back to 1890, Kanoo Real Estate is a cornerstone of the Yusuf Bin Ahmed Kanoo Group, managing a diverse portfolio of properties across Saudi Arabia, Bahrain, and the UAE. Rafal Real Estate, founded in 2007, is known for iconic developments such as Burj Rafal, combining market insight with cutting-edge design to deliver exceptional value to investors.
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