Cayan Group, the Saudi property developer in the Middle East, announced plans for a new mega project at the Obhur waterfront in Jeddah. Cayan's new project will sprawl across a built-up area of 140,000 m2 at a cost of USD0.32 bn and will consist of two towers: one a 5-star hotel and the other branded residences offering high-end living. Ahmed AlHatti, Chairman of Cayan Group commenting on the decision to invest in Jeddah said, "Saudi Arabia is Cayan Group's home ground and the company is committed to support the local economy and feeding Saudi's real-estate sector with quality projects & iconic designs." The mixed-use project is developed in Jeddah to take advantage of the city's growing prominence amongst visitors and residents. Riding on the development of the Jeddah Economic City, the real estate and hospitality sectors are gathering pace and building an opulent skyline. The hospitality sector in Jeddah is a resilient one with good ROI potential. "The construction of this new project on the Obhur waterfront in Jeddah will integrate well into the beautiful natural scenery of the city, and the burgeoning economic development," he added. Nikken Sekkei, the award winning architectural firm assigned to the project has been at the forefront of iconic and unique buildings across the world such as the Yamaha Ginza, Hoki Museum, Guangzhou Library, and others across the region.