Adel Company, in cooperation with Sidra Capital, a company licensed by the Capital Market Authority (CMA), has launched the integrated residential project ‘Adel District’ within the wider Adel District development west of Dammam, with a targeted investment of approximately $346.67 million (SAR 1.3 billion).
The investment will be used to develop 858 residential units within Adel District, one of the company’s largest integrated residential developments in Saudi Arabia’s Eastern Province. The project is aimed at increasing housing supply and addressing growing demand for residential properties across the Kingdom.
The launch supports the company’s strategy of leveraging modern investment tools and institutional partnerships to accelerate real estate development, improve capital efficiency and contribute to the housing and urban development objectives outlined under Saudi Vision 2030.
Located west of Dammam, Adel District overlooks King Fahd Road (Airport Road) and is connected to key transport routes, including King Saud Road to the north and Riyadh Road to the south, providing access to cities across the Eastern Province.
The development is situated near major facilities and services, including Al Othaim Park, Alasala Colleges, Saudi German Hospital and King Fahd International Airport.
Adel District is designed as a mixed-use community comprising residential, commercial and service facilities, in addition to green spaces, parks and gardens, including Adel Park 1 and Adel Park 2. The project will also feature health centers, educational institutions and commercial amenities.
Fouzy Al-Marzooq Chief Investment Officer – Adel
“The residential sector in the Kingdom is experiencing rapid growth, requiring investment models capable of transforming opportunities into tangible projects that meet the needs of Saudi families. This agreement represents a significant step towards accelerating the pace of residential project development and improving the efficiency of capital utilization in the sector, thereby contributing to strengthening the housing supply and providing products that align with market aspirations and the requirements of the next phase.”
The launch of the fund reflects the company’s focus on utilizing modern investment instruments to develop housing projects and support sustainable urban development, while strengthening the real estate sector’s contribution to achieving the goals of Saudi Vision 2030.
