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Image used for illustrative purpose. Saudi couple at the beach in Jeddah's corniche in the Red Sea coast, with residential skyscrapers in the background.
The pair have signed a joint venture agreement focused on the luxury property market, they said in a statement on Monday. The value of the project was not disclosed.
The tower will have 300 apartments directly overlooking the Red Sea with work expected to start in the fourth quarter of this year.
“This project reinforces our new strategic direction to focus on the enhancement and growth of the Western Region, specifically Jeddah,” said Yousef Al-Shelash, chairman of Dar Al Arkan Properties.
Popular with residents and visitors, the Jeddah Corniche, which stretches over 30 kilometers along the coast is seen as a prime property market.
Dar Al Arkan Properties has delivered some 15,000 residential units and over 500,000 square meters of commercial space. It has expanded beyond the Kingdom with projects announced in Dubai and Bosnia.
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