Staff Report
Dubai, UAE
Azure, a real estate concept under Mohammed Al Habib Real Estate – a leading Saudi developer – has announced the launch of its landmark Lamara project in Riyadh. The project will be built in collaboration with Saudi Awwal Bank (SAB) Invest which has invested SAR268 million (Dh262.48 million) in it. Lamara is also part of SAB Invest’s wider SAR3 billion (Dh2.94 billion) local real estate strategy and yields a lucrative 19 percent internal rate of return (IRR) for the fund’s investors.
Following the unveiling of Lamara, Azure plans to roll out multiple projects per quarter as part of a broader vision to manage up to 20,000 residential units in Riyadh by 2030. Backed by Mohammed Al Habib Real Estate’s legacy of over 50 completed projects across 10 cities, 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 with developments that aim to redefine lifestyle-centric urban living.
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.”
With a growing portfolio of high-performing residential and mixed-use assets across the Kingdom, SAB Invest brings investment scale and efficiency to a development strategy rooted in long-term value creation. This collaboration reflects a forward-looking approach to real estate that blends financial discipline with community impact.
Ali Al Mansour, Managing Director and CEO of SAB Invest, said, “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.”
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Also read: KSA real estate booms as residential transactions jump 50% in 2024
