Riyad Capital, together with mdr Development, has announced the Shalalat Abha Project, a SAR1 billion real estate development on southern Saudi Arabia. Announced at the Aseer Investment Forum at King Khalid University, it is Riyad Capital’s first significant development in the area. The project will cover around 1 million square meters east of Abha city, sitting near the Abha International Airport and King Khalid University. The project will support the commercial, residential, tourism, and entertainment industries of the region.
The project is in line with Saudi Arabia’s Aseer Development Strategy that prioritizes sustainable urban growth and economic diversification outside of conventional hubs. The infrastructure construction is set to start in Q2 2025, with the expectation of its completion within two years. The project is expected to boost the area’s attractiveness to investors and visitors.
Dr. Abdullah Alshwer, Riyad Capital’s CEO, stressed the importance of the project in the real estate company’s expansion strategies, pointing out that it has the capacity to positively impact the social and economic development of the Aseer region. Eng. Hamad Al-Meshaal, CEO of mdr Development, pointed out that Shalalat Abha Project is a priority for the company and will take a central position in regional development.
The closeness of the project to the current Abha International Airport expansion, a SAR1.8 billion project with a completion date of 2028, adds further strategic significance to the project. Expanding the airport will increase terminal area and passenger capacity, which aligns with the Vision 2030 plans of the Kingdom to enhance tourism and logistics industries.
