Azure launches Lamara project in Riyadh
By
The project aligns with SAB Invest's local real estate strategy, which has achieved a 19% internal rate of return for its investors
Azure has launched its Lamara project in Riyadh. This collaborative effort between Mohammed Al Habib Real Estate and SAB Invest brings together expertise in development, real estate investment, and master planning.
The project was valued at US $72.4mn and aligns with SAB Invest's broader $800mn local real estate strategy, which has achieved a 19% internal rate of return (IRR) for its investors. Together, SAB Invest and Mohammed Al Habib Real Estate reinforce their shared commitment to delivering exceptional, high-impact communities, said a statement.
Azure, backed by the legacy of over 50 completed projects across 10 cities by Mohammed Al Habib Real Estate, is set to launch multiple projects per quarter as part of a high frequency strategy. This vision aims to manage up to 20,000 residential units in Riyadh by 2030. Azure currently serves over 13,680 residents across 12 compounds and 3,639 residential units. Azure Lamara builds on this momentum to Riyadh's evolving residential landscape, offering developments that redefine lifestyle centric urban living, said a statement.
Abdullah Al Habib, CEO of Mohammed Al Habib Real Estate said, 'Lamara is just the beginning. As Azure expands its footprint across Riyadh, we are creating vibrant, high-quality communities that align with Vision 2030. Leveraging our expertise in pioneering strategic master plans and unique urban developments, we remain dedicated to crafting neighborhoods that truly reflect and elevate the way people live and connect.'
Fahad Al-Assaf, President at Azure, emphasised this vision commented, 'This launch reflects Azure's broader mission to create thoughtful urban environments. Drawing on the heritage and development expertise of our parent company, we aim to deliver spaces that inspire the seamless integration of connection, wellbeing, and enduring value.'
Ali Al Mansour, Managing Director and CEO of SAB Invest added, 'Our collaboration with Mohammed Al Habib Real Estate reflects our commitment to backing high-quality developments that deliver both strong returns and long-term value to investors. Our success with Azure Lamara project is a testament to this strategy, and we are proud to see that momentum continue with the Lamara launch.'
SAB Invest, with its growing portfolio of residential and mixed-use assets across the Kingdom, brings investment scale and efficiency to its long-term value creation development strategy. This collaboration exemplifies responsible real estate practices that positively impact the community. Azure prioritises services that cater to the diverse needs of its broad resident community, welcoming environment that resonates with today's globally minded population, the statement concluded.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
2 hours ago
- The National
Trump announces new trade deal with Indonesia and cuts tariff
US President Donald Trump announced a trade deal with Indonesia on Tuesday, saying it agreed to pay a 19 per cent tariff on its exports and pledged to buy American goods. In a post on his Truth Social platform, Mr Trump said Indonesia would supply the US with critical minerals and planned to purchase Boeing aircraft and farming products. 'This Deal is a huge win for our automakers, tech companies, workers, farmers, ranchers and manufacturers,' Mr Trump wrote. The deal comes as Indonesia was facing a 32 per cent tariff on exports to the US, starting from August 1. US officials said the agreement ensured some tariffs remained on Indonesia, which has a population of about 280 million. 'The deal is significant,' one official told journalists on a call. 'It opens new markets for us, exports, reaffirms US digital leadership and it eliminates non-tariff barriers on US exports.' The official added that Indonesia would drop its tariffs 'to zero on over 99 per cent of its trade' with the US and would also eliminate all non-tariff barriers. The deal solidifies Mr Trump's strategy of using the threat of high tariff rates to extract concessions from trade partners under his America First approach. It may serve as a blueprint for agreements with other nations. He also announced a new 19 per cent tariff rate for goods from the Philippines, the country's President Ferdinand Marcos Jr visited the White House. 'It was a beautiful visit and we concluded our trade deal, whereby the Philippines is going open market with the United States, and zero tariffs. The Philippines will pay a 19 per cent tariff,' Mr Trump said. He called Mr Marcos a 'very good and tough negotiator". In April, Mr Trump announced a blanket 10 per cent tariff on almost all trading partners, while imposing higher levies on other countries with trade deficits. Mr Trump, who took office in January, had framed his so-called reciprocal tariff policy as a way to reduce deficits the US has with its trading partners. The US official said the agreement with Indonesia was worth at least $50 billion to the country in new market access, as well as purchases by Indonesian companies, including liquefied natural gas and farm commodities. The US had a goods trade deficit of $17.9 billion with the country last year, according to the Office of the US Trade Representative. That was a 5.4 per cent increase from 2023. While US exports to Indonesia increased by 3.7 per cent to $10.2 billion last year, imports rose by 4.8 per cent. Mr Trump's efforts to reformat US trade has also come with great uncertainty and course reversals. The President said he would quickly reach trade deals with nations, but only Indonesia, the UK and Vietnam have announced agreements. Mr Trump has secured a 'trade truce' with China, which has a separate deadline. Earlier this month, trade letters went out to more than a dozen countries, with threats of tariff rates ranging from 20 to 50 per cent.
The National
3 hours ago
- The National
About $2 million in crypto funds intended for Hamas seized by US
About $2 million in cryptocurrency assets intended for Hamas has been seized by the US government, recently unsealed court forfeiture documents from the US Department of Justice have shown. According to court filings, the digital currency was held in Tether and Binance accounts connected through BuyCash, a 'Gaza-based money transfer business' allegedly involved in helping to finance Hamas. 'Terrorist organisations like Hamas and their affiliates rely on shadowy financial networks to fund their deadly operations,' US Attorney General Pam Bondi said. 'By seizing millions in cryptocurrency, the Justice Department is aggressively dismantling the financial infrastructure of terrorism and refusing to allow our digital currency platforms to become safe havens for terrorist financing.' The court filings said a man named Ahmed Alaqad, a partial owner of the BuyCash operation, is also suspected of supporting groups including ISIS and Al Qaeda. Unsealed court documents accuse him of 'materially supporting Hamas' after the group's attack on Israel in October 2023. According to the Department of Justice, the specific method of transferring funds through digital assets is likely to have resulted in Hamas receiving as much as $4 million previously. 'These types of money transfers are a classic money laundering technique, as they intend to disguise the nature, location, ownership and control of the funds being transferred,' the court filings said. Despite growing enthusiasm for crypto, there is still plenty of scepticism. Unlike fiat currencies, crypto mostly lacks an overall regulatory apparatus and is largely decentralised, making it appealing to groups with nefarious intentions. In May, a man in the US was sentenced to more than 30 years in prison after he was found guilty of converting $185,000 to cryptocurrency and transferring it to ISIS. In March, an investigation originating from the FBI's field office in New Mexico led to the seizure of $201,400 in cryptocurrency assets that was intended to finance Hamas.
The National
5 hours ago
- The National
Trump announces new tariff deal with Indonesia
US President Donald Trump announced a trade deal with Indonesia on Tuesday, saying Jakarta had agreed to pay a 19 per cent tariff rate on its exports and pledged to make US purchases. In a post on Truth Social, Mr Trump said Indonesia had agreed to supply the US with critical minerals, and planned to purchase Boeing aircraft and farming products. 'This Deal is a HUGE WIN for our Automakers, Tech Companies, Workers, Farmers, Ranchers, and Manufacturers,' Mr Trump wrote. The deal comes as Indonesia was facing a 32 per cent tariff on its exports to the US starting August 1. US officials said the agreement ensures that some tariffs remain on Indonesia, the world's largest Muslim nation with a population of about 280 million people. 'The deal is significant,' one official told journalists on a call. 'It opens new markets for us, exports, reaffirms US digital leadership, and it eliminates non-tariff barriers on US exports.' The official added that Indonesia would drop its tariffs 'to zero on over 99 per cent of its trade' with the US and would also eliminate all non-tariff barriers. The deal solidifies Mr Trump's strategy of using the threat of high tariff rates to extract concessions from trade partners under his America First approach. It may serve as a blueprint for agreements with other nations. He also announced a new 19 per cent tariff rate for goods from the Philippines, after a visit by Philippine President Ferdinand Marcos Jr to the White House. 'It was a beautiful visit, and we concluded our Trade Deal, whereby The Philippines is going OPEN MARKET with the United States, and ZERO Tariffs. The Philippines will pay a 19% Tariff,' Mr Trump said. He called Mr Marcos a 'very good and tough negotiator.' Mr Trump in April had announced a blanket 10 per cent tariff on almost all trading partners, while imposing even higher levies on other countries with trade deficits. Mr Trump, who took office in January, had framed his so-called reciprocal tariff policy as a means to reduce deficits the US has with its trading partners. The US official said the agreement is worth at least $50 billion to the US in new market access, as well as purchases the Indonesian companies will be making in goods, including liquefied natural gas and farm commodities. The US had a goods trade deficit of $17.9 billion with Indonesia last year, according to the Office of the US Trade Representative, a 5.4 per cent increase from 2023. While US exports to Indonesia increased 3.7 per cent to $10.2 billion last year, imports rose 4.8 per cent. Mr Trump's efforts to reformat US trade has also come with great uncertainty and course reversals. The US President has said he would swiftly reach trade deals with nations, but so far only Indonesia, the UK and Vietnam have announced agreements. Mr Trump has secured a 'trade truce' with China, which has a separate deadline.
