To construct an integrated residential community of more than 3,000 luxury residential units

"Eqnaa Real Estate" acquired 47,500 square meters of land in Al Fayhaa neighborhood in Jeddah for 260 million riyals

“Eqnaa Real Estate Company” has acquired prime land in the Darb Al-Haramain project in the heart of Al Fayhaa neighborhood. This 47,500 square meter land, valued at over 260 million riyals, is a crucial step towards our plan to develop an integrated residential complex.


The project will not only include apartments and annexes but also a wide range of service and recreational facilities. They are designed to meet the highest quality and luxury standards and cater to the needs and aspirations of Saudi families.


On this occasion, the Chairman of the Board of Directors of Eqnaa Real Estate, Mr Mohammad Al Maghrabi, said: “We are pleased to finalize the acquisition deal of the land, located in a strategic location on King Abdullah Street, in the middle of the Al Fayhaa neighborhood in Jeddah.


The deal reflects our contestant efforts to continue developing real estate and investment projects that keep pace with the aspirations of the real estate market, in line with the Kingdom’s vision, which aims to raise the percentage of Saudis’ home ownership to 70% by the year 2030.”


Al Maghrabi further elaborated, “The acquisition deal is a significant step in our new strategy, announced last month, which is to construct 5,000 model residential units. This project will encompass a diverse range of 3,047 residential units, including apartments of various sizes and designs, catering to all preferences and needs.”


He underscored, “Since the inception of Eqnaa Real Estate, we have been at the forefront of providing innovative real estate investment solutions and products of superior quality and performance. Our aim is to meet the needs of Saudi families for modern and contemporary living spaces that ensure comfort, security, and enjoyment. We reiterate our commitment with our new project in the heart of Al Fayhaa neighborhood, which will continue to enrich the Saudi market with pioneering model projects, contributing significantly to enhancing the quality of life and achieving the goals of the Kingdom’s Vision 2030.”


In February 2024, Eqnaa Real Estate Company launched a host of luxury residential projects in Jeddah, at a ceremony that also witnessed the launch of its new identity and the announcement of its strategy for the coming years. It focuses on developing model residential communities that reflect Eqnaa’s commitment to high quality and excellence, with an emphasis on sustainability and innovation, to strengthen its position as a reliable partner and make it an icon for real estate development and investment in the Kingdom.

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