
Majd Investment, a leading investment company headquartered in Saudi Arabia, and SEEF Properties, Bahrain's largest developer of retail and entertainment destinations, have announced a strategic alliance to develop a mixed-use project in Dammam valued at nearly SAR 500 million. This marks SEEF Properties' first venture in Saudi Arabia. The announcement was made during the signing of the strategic alliance agreement at the global Cityscape exhibition recently held at the Riyadh International Exhibition & Conference Center.
The project represents a unique destination in Saudi Arabia, aiming to create a mixed-use space integrating residential, commercial, entertainment, office, and healthcare facilities. It seeks to provide a vibrant and dynamic environment with the highest levels of comfort and luxury, focusing on implementing top sustainability standards. Key features of the project include retail facilities, dining options, hospitality services, fitness centers, and a family entertainment center managed by SEEF Entertainment. The project spans a total area of approximately 78,000 square meters, with a built-up area of 71,780 square meters.
On this occasion, Ibrahim Almajdouie, Vice Chairman of Majd Investment, stated that the partnership with SEEF Properties represents a strategic step in line with the company's vision to develop projects that meet the growing demand for mixed-use destinations in the Eastern Province, particularly in Dammam, which is witnessing significant and rapid development. He added that the company is confident this partnership will add great value to the project through its strategic location and SEEF Properties' extensive expertise and deep knowledge of regional markets, enhancing the project's status as a key destination for visitors and investors.
Issa Najibi, Chairman of SEEF Properties, emphasized the importance of the project, which aligns with SEEF Properties' strategic plans to maximize shareholder value and boost revenue and profitability by entering new regional markets, particularly the flourishing Saudi market. This approach includes investing in promising opportunities and expanding investments in Saudi Arabia's entertainment and hospitality sectors. The project will also diversify SEEF Properties' investment and project portfolio, as it seeks to bring its expertise in real estate development and entertainment to the Saudi market and contribute to enriching the commercial and real estate project offerings in the Eastern Province.
It is worth noting that Majd Investment is the investment arm of Almajdouie Group, founded in 1965 by Sheikh Ali Almajdouie. The company is tasked with managing and growing the group's financial and real estate assets, operating a diversified investment portfolio across private equity, public equity, venture capital, and real estate. Majd Investment has partnerships in education, financial services, oil and gas, hospitality, and other sectors. Its investment philosophy centers on wealth preservation through risk minimization and asset allocation to achieve optimal and sustainable growth.
SEEF Properties' portfolio includes SEEF Malls, SEEF Entertainment, and Fraser Suites Hotels. It also includes the mixed-use Liwan Project, a landmark in Bahrain's Northern Governorate, which won the "Design and Development" award at the 2023 Middle East Council of Shopping Centers and Retailers Awards. SEEF's activities focus on developing, owning, and managing a diverse real estate investment portfolio that strengthens the retail, entertainment, and hospitality sectors.