Al Nasr

First Avenue has partnered with the Al Shati Real Estate Fund to develop a mixed-use project in Jeddah, covering 15,619 square meters in the Al Shati District. This collaboration marks a significant move in First Avenue's expansion strategy, emphasizing investment in key real estate opportunities in the region. The project will encompass commercial, residential, and hospitality elements and is scheduled for completion within three years. First Avenue will hold a 14.9% stake in the fund, and the development fee will be set at 12% of the project's costs, determined after design approvals. Anticipated financial benefits from the project are expected to begin in 2026, furthering First Avenue's growth in the real estate sector.


Source: https://meconstructionnews.com/64266/first-avenue-inks-deal-with-al-shati-real-estate-fund-to-develop-jeddah-mixed-use-project ↗