Saudi-based real estate promoter the Cayan Group has announced a joint venture with Costa del Sol developer Promociones Sarena S.L., owner of the La Mairena residential estate near Marbella.
The Cayan Group, who has head offices in Riyadh (Kingdom of Saudi Arabia), is beginning its European expansion plan, with the construction a new development near Marbella, on the Costa del Sol, in the form of a joint venture with Promociones Sarena S.L. the developer of the La Mairena residential estate, set in the hills between Marbella and Fuengirola.
According to a press release from the Cayan Group, the allegiance will “witness the two companies jointly develop a project on the stylish Costa del Sol,” without naming the project or confirming that it will be at La Mairena. “With this union, Cayan Group initiates its ambitious expansion plan into European markets which marks a major milestone for the Group.”
The press release goes onto explain that the “Cayan Group will develop this upcoming project in partnership with Sarena Group, and will also handle the sales and marketing for the venture in the region.”
The Cayan Group are expanding into Spain on the grounds that the “European real estate market is going through a lucrative phase with hardly any signs of easing up.”
Commenting on its decision to invest in Spain, Ahmed Alhatti, President and Chairman of Cayan Group, says: “Developing projects in Europe is a strategic decision that was made at the first place to serve our clients better, and offer them a variety of options that will cater to their needs.”
THE SAUDI MARKET
Gabriel Massoud, the founder of joint-venture partner Promociones Sarena, says: “Cayan Group’s projects are exemplary, and we are pleased to partner with a Group of such caliber and reputation. We look forward to this partnership which will open the door for Sarena to enter the Middle East region and specifically the Saudi market to develop unique projects in the future.”
The Cayan Group describes itself as a leading property developer and real estate Investment group with offices in Riyadh and Dubai (UAE). Its portfolio include “Residential Complexes, Commercial Towers & Centers, Hospitality Projects and Multipurpose Gated Communities” in the Middle East.
Promociones Sarena S.L. was founded in Marbella in the early 80s, by the Massoud family. After developing a front line beach project in Marbella called Coral Beach, Sarena established La Mairena by acquiring 200 hectares of land in the hills above Marbella.
“For over 20 years I have worked on creating a community that has a commitment to quality within one of the most beautiful natural settings in the world,” explains Gabriel Massoud, at the developer’s website. “With an international clientele we have diversified the La Mairena community by offering apartments, villas, plots and country homes. Our long term outlook has allowed us to build an infrastructure that will create exceptional value for our current and future residents.”