Eight-tower development targets demand for housing near the Saudi capital's main business district
RIYADH, SAUDI ARABIA – Media OutReach Newswire – 19 October 2026 – Saudi developer ZOOD Real Estate on Monday launched Élevée, a 2.5 billion riyal ($667 million) mixed-use project in north Riyadh, betting on demand for homes and offices close to the capital's financial district.
About 90 percent of the regional headquarters licensed in Saudi Arabia have chosen Riyadh, according to 2024 figures from the Ministry of Investment, pushing demand toward the districts around the King Abdullah Financial District. The capital's population is forecast to reach 9.6 million by 2030 from 7 million in 2022, Knight Frank said in a 2024 report.
Élevée stands about 1.5 km from that financial district, in Al-Nakheel. It comprises eight towers, three residential with 1,779 apartments, two for a hotel and serviced apartments, and three for offices, with shops in two further buildings, the company said. The site covers 73,892 square meters and the project has a built-up area of 254,340 square meters. More than 40 percent of the site is open space and landscaping, ZOOD said.
The project is due for completion at the end of 2029. ZOOD won awards at the Saudi Arabia Property Awards in the 2024-25 cycle, including in architecture and development categories for Élevée.
"We do not want to build only. We want to create places where people feel at home, places that respect their privacy and bring together our Saudi identity and a contemporary architectural language," said Yasser al-Qazlan, chief executive of ZOOD Real Estate.
Riyadh-based Jadwa Investment is the project's strategic partner. The design was led by Elia, an architecture firm based in Barcelona, which drew on Najdi building traditions of shade, filtered light and the gradual move from public space to the privacy of the home.
ZOOD said it has delivered 28 projects and holds a portfolio of 34 billion riyals ($9.07 billion), of which 24 billion riyals ($6.4 billion) is under development, across Riyadh, Qassim and Makkah.
Editor's Notes
Élevée at a Glance Developer: ZOOD Real Estate
Location: Al-Nakheel, north Riyadh, on the Northern Ring Road
Investment value: 2.5 billion riyals, about $667 million
Site area: 73,892 square meters
Built-up area: 254,340 square meters
Components: eight towers. Three residential with 1,779 apartments, two for a hotel and serviced apartments, three for offices. Shops in two further buildings
Open space: more than 40 percent of the site
Completion: end of 2029
Awards: Saudi Arabia Property Awards, 2024-25 cycle, architecture and development categories
Partners: Jadwa Investment, strategic partner. Elia, Barcelona
Arabic name: pronounced el-eh-VAY.
All project figures are provided by ZOOD Real Estate. Dollar figures are converted at 3.75 riyals to the dollar, the currency's pegged rate.
Hashtag: #ZOOD
The issuer is solely responsible for the content of this announcement.
About ZOOD Real Estate
ZOOD Real Estate is a Saudi developer of residential, commercial and mixed-use projects, based in Riyadh. It says it has worked in real estate development and investment for more than two decades, beginning in Makkah, and has delivered 28 projects. It says it holds a portfolio of 34 billion riyals, of which 24 billion riyals is under development, in Riyadh, Madinah, Makkah, Qassim and Taif.
