RIYADH — ALBILAD Capital, Zahran Group, Muhaidib Group and Rafal, the premier residential communities' innovator, have signed an agreement recently to establish a special purpose vehicle (SPV) for the purpose of developing Rafal Living by Kempinski. Rafal Living by Kempinski distinguished itself by presenting the first-ever lavish sky villas concept with 300 residential villas fully managed and serviced by Kempinski ready for inhabitance by 2018. Khaled AlMugairen, Chairman, Al Bilad Capital, said “this project represents a quantum leap in the residential apartments concept in Saudi Arabia in general, and Riyadh in particular. The unique architecture and the Kempinski management will definitely maximize investors' return on investment.” AlMugairen further said “our partners have a reputable real estate experience and unique success record which serves the interest of the investor, and the unique residential products of Rafal real estate have supported this partnership.” He added “Al Bilad Capital focuses, through these partnerships, on presenting unique and selective projects to investors that ensure good returns on their investments.” Suleiman Al Jasser, CEO, Al Bilad Bank, said “such partnerships enhance the bank's positioning in the banking sector and comes in line with its development role to achieve the preset objectives of the Saudi leadership and to meet our clients' expectations. The strong & efficient development of the Saudi economy urges us to establish more successful partnerships and ties ups.” Nasser Abdul Hadi Al Moqeem, Vice President, Real Estate Investment, Al Muhaidib Group, said “as a real estate investment group, we have spotted unique features in Rafal Living by Kempinski, represented by its strategic location on King Fahd Road, and Rafal, the real estate developer, that is known for its distinguished projects.” Jamal Halawani, Operations Manager, Dubai Contracting Co., said “we are in an ongoing partnership with Rafal, initiated by Burj Rafal and continues with Rafal Living and yet more to come.” Majed AL Hogail, Managing Director, Rafal Real Estate Development, said “this project is an added value to the real estate industry and the safe haven for investors seeking investment opportunities and addressing the modernity of today's residents. Our accomplishments and strategies enabled us to maintain the leadership position and attracted strategic partners and today is a live witness on this.” Addressing the partners, Al Hogail added “your trust is valued and we look forward for further collaboration in the future to upgrade the real estate sector not only in Riyadh but across the whole Kingdom” — SG
