Sidra Capital, a Shari’ah compliant financial services company, has been signed up as investment advisor for a group of investors in Eden Residence, a luxury residential project in Jeddah, Saudi Arabia.

The project is being developed by a group comprising Al Murjan Holding; Mohamad Zouheir Al Azem, partner in Nawa Real Estate Development (Nawa); and Amer Zein El Abdin, the president of National Marketing Company.

Nawa has been appointed as the development manager for the JV project, which is estimated to cost SR80 million ($21.3 million).

"This project indicates the commitment of Saudi investors to the domestic real estate market and is an indicator that there are still profitable investment opportunities locally amidst all the economic uncertainties prevailing in the region," stated Hani Baothman, the vice-chairman of Sidra Capital.

Eden Residence is a prime residential and retail development located on Ibrahim Al Juffali Road in the Al Andalus district of Jeddah. It is likely to be completed by mid-2018, he added.

Al Azem said: "Participation in this project paves the way for a hopefully long-term working arrangement between Sidra and Nawa in real estate development in Saudi Arabia, which includes the establishment of real estate development funds."

It is envisaged as a luxury vertical residential compound that provides exclusive living style for its residents. Eden Residence offers 58 residential units with configurations ranging from studio to 3-bedroom units to cater to the different demographics besides 10 retail units, he added.-TradeArabia News Service