First Avenue Signs Deal For Jeddah Mixed-Use Project

Dubai (PlantAndEquipment.com) - Saudi developer First Avenue for Real Estate Development has partnered with Al Shati Real Estate Fund to build a 15,619-sq-m mixed-use complex in Jeddah’s Al Shati District.

The project will feature commercial, residential, and hospitality facilities and is set for completion within three years.

First Avenue owns 14.9% of the fund’s capital and will earn a development fee equal to 12% of the project’s actual costs, to be finalized after design and permit approvals.