Stock Jeddah skyline
The Jeddah corniche stretches to around 30 kilometres along the Red Sea coastline. The two Saudi developers have picked on a high visibility spot for their venture. (Image used for illustrative purposes.) Image Credit: Shutterstock

Dubai: Two of the biggest names in Saudi real estate development space are joining forces for a new luxury tower. Dar Al Arkan and SNASCO Real Estate will build on the Jeddah corniche overlooking the Red Sea, and offer up to 300 apartments. Work should start in the fourth quarter this year.

“The new joint venture embodies the strategic aspirations of Dar Al Arkan and SNASCO, not only in contributing to and elevating the real estate sector for the future of the economy, but also forging local collaborations to achieve important developmental milestones for the Kingdom,” said Yousef Al Shelash, Chairman, Dar Al Arkan Properties.

The Jeddah Corniche, which stretches over 30 kilometres along the coast, is one of the popular residential and recreational destinations in the city. Much of the development activity in the Kingdom has come from its massive tourism and infrastructure projects. But a lot is changing in the residential property market as local demand starts to build up nicely and with new buyers entering as well.