Hassana, the investment manager of the General Organization for Social Insurance (GOSI), has announced a strategic collaboration with Kinan International Real Estate Development Company for investment in an innovative mixed-use real estate project in the Saudi capital Riyadh.

Located in the Al Rimal district of Northern Riyadh over a 2-million-sq-m area, the project will incorporate residential, educational, healthcare, entertainment, retail and office spaces alongside other contemporary amenities.

According to Hassana, the development is designed to accommodate up to 9,000 modern residential units and will encompass a total commercial (office/retail) built-up area spanning 222,000 sq m.

The move is aimed at addressing the increasing demand for quality residential masterplans in Riyadh, in line with the goals of Saudi Vision 2030 to provide top-tier housing communities for Saudi families, it added.

This collaboration aligns with Saudi Vision 2030 objectives and is a step towards urban development in Riyadh, remarked Saad bin Abdulmohsen Al Fadly, the CEO of Hassana, after signing the deal with Nidal Abdulmajeed Jamjoom, the Managing Director and CEO of Kinan.

“Our goal is to establish a community that offers a superior quality of life, enabling residents to flourish,” Jamjoom said.