Real estate developer in the Middle East Cayan Group is set to develop AED1.2bn ($326.6m) property in Dubai, UAE and Riyadh, Saudi Arabia in 2015.

To develop the property, the company recently purchased strategically located prime lands in the two cities.

Cayan Group acquired a prime commercial plot in Riyadh along King Fahed Road where an office building will be built. In order to construct the planned upscale residential and hotel apartment towers, the company also acquired two lands on Oum Suqaim road.

According to Cayan Group, the project is set to cater to the increasing demand for residential properties in the area.

"Our new undertakings at the start of the year are fully aligned with the booming hospitality, residential and office sectors in both cities."

Cayan Group president and chairman Ahmed Alhatti said: "The strategic land purchases, as well as our upcoming landmark projects in Dubai and Riyadh form part of our comprehensive plans for 2015.

"Our new undertakings at the start of the year are fully aligned with the booming hospitality, residential and office sectors in both cities.

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"Similar to our previous property ventures in the region, our property developments will demonstrate excellence and craftsmanship that we are known for as we aim once again to set new benchmarks across regional and global industries."

The company aims to offer prime properties and expects to meet the rising demand from various sectors, especially from the residential segment.

Cayan Group Real Estate Investment and Development is supported by a network of offices in Saudi Arabia and the UAE, and its client base includes more than 2,000 customers from all over the world.