Darco Real Estate Company has announced the launch of a SR485 million ($129 million) project in the Al Shati district of Jeddah in collaboration with Sedco Capital, a closed joint-stock company fully owned by Sedco Holding Group and Sahem Financial Platform, a Saudi group operating in the financial technology sector.

Spanning over a 20,000 sq m area, the Jeddah waterfront development features 28 buildings with more than 500 residential units as well as an assortment of recreational and sports facilities in addition to 600 parking lots.

Darco Real Estate CEO Dr Omar Al Qahtani said the strategic project has been designed to meet the highest quality standards and provide luxurious living with unique services near Jeddah’s key tourist spots.

“We are committed to providing high-quality living standards within a comprehensive residential complex located strategically near major tourist and entertainment landmarks,” stated Al Qahtani.