'Elofi' in Riyadh: 8 Towers at SAR 2.5 Billion and Partnership with 'Jadwa'

In a follow-up to a previous report on the launch of the "Elofi" project, Zood Real Estate revealed additional details about the mixed-use development in the Al-Nakhil district, north of Riyadh. Valued at over SAR 2.5 billion (approximately $666 million), the project is being developed in collaboration with Jadwa Investment and was designed by the Spanish firm Elia, according to Ajel English platform.

"Elofi" consists of eight towers—three residential, two hotel, and three office towers—in addition to two commercial buildings, making it an integrated community that combines living, hospitality, work, and shopping in a single location.

The company aims to complete the project by the end of 2029, at a time when mixed-use development projects are expanding in Riyadh as part of a broader trend to diversify the economy and attract investments.

The project adds new supply to Riyadh's real estate market, where residential and hotel projects are increasing amid growing housing demand and rising business activity—developments of interest to tenants, buyers, and investors in the city.

What Do These Terms Mean?

Mixed-use project: A single real estate development that combines multiple functions, such as residential, offices, retail stores, and hotels, rather than being dedicated to a single purpose.

Joint venture: A collaboration between developers, or between a development company and an investor, to execute a project, sharing financing, risks, and profits.

Saudi Riyal: The official currency of Saudi Arabia, with an exchange rate pegged to the US dollar at approximately 3.75 riyals per dollar.