Consortium led by Rikaz acquires Al Jubail's Al Rawda Development |
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Al Jubail- 30 August 2008: Rikaz PropertiesRikaz Properties
is leading a consortium formed with Bin Dayel Group and Tanmiyat Investment GroupTanmiyat Investment Group to acquire the Al Jubail City based Al Rawda Development in Saudi Arabia, which covers an area of 2 million square metres and is already equipped with the infrastructure needed for the development of modern residential complexes and commercial towers. The new alliance coincides with a period of increasing demand for residential units in the KSA real estate sector and with the establishment of new projects countrywide to cater to the rising demand for all real estate components. Current demand for housing in KSA is far outstripping supply. Statistics show that the housing market is in need of around 1.2 million residential units, with this number likely to increase to around 2.9 million over the next twenty years.
Commenting on the newly formed partnership, Mr. Mohammed Bin Rashid Bin Dayel, Chairman of Bin Dayel Group, said, "We are proud to join hands with Rikaz PropertiesRikaz Properties and Tanmiyat Investment GroupTanmiyat Investment Group and to invest in this highly strategic project. The reliable local and regional market knowledge and experience brought to the table by partners of such caliber will contribute significantly to the value of the project, ensuring the delivery of high quality housing units and sound financial results."
"Located on the Arabian Gulf, Al Jubail City is considered the centre for future national economic growth by the Saudi Government. Jubail is already an international hub for value-added petrochemical industry and an increasingly recognized destination for real estate investment. With industrial, tourist, residential and commercial projects under construction here, the city lures increasing numbers of investors, having already successfully built up and maintained a modern infrastructure that offers promising business and investment opportunities", said Mr. Abdulmohsen H. Al Gahtani, Vice President of Rikaz PropertiesRikaz Properties.
"Al Rawda Development is one of the most important projects under development in Al Jubail City. It incorporates all the facilities and features that a promising project can offer to be a lucrative investment opportunity, such as prime location, wide area, modern infrastructure and services," he added.
The 2 million square metre Al Rawda Development faces the Naval Base on King Abdul Aziz Street on the Eastern side, and is flanked on the West by a the Al Damam - Jubail highway, strategically placing the development between two major highways, both of which are just a few minutes' drive from downtown Al Jubail.
The project boasts the support of a state-of-the-art infrastructure, including a comprehensive road network, pavements, lighting, a complete water and sewerage pipeline network and a complete electricity grid, covering the entire project, in addition to boys' and girls' schools, nursery schools, mosques, children's play areas and a center for governmental services, health centers, green areas, a social centre and multiple parking bays.
-Ends-
About Rikaz Properties:
Since its establishment in 1997, Rikaz PropertiesRikaz Properties has developed more than 12 million square feet and invested over SR3.5bn in developments varying from master planed communities and residential & commercial towers to light industrial parks and sea front resorts. In 2008, Rikaz launched four property investments in Al Ehsaa, Al Thahran and Khobar, selling out its sought-after Al Marasi Plans project in the suburb of Al Azezeya in Khobar for more than SR 140 million, generating investment revenues of 25%. Rikaz has also recently announced a mega project in the UAE and reports that work on theSouth Khobar Industrial project is progressing on schedule. The firm expects to launch sales before the end of 2008
About Bin Dayel Group:
Bin Dayel Group is one of the most important real estate developers and contractors in the KSA real estate market. The company's portfolio includes the country's largest infrastructure projects, of which the following have already been completed: Central Vegetable Market - Mecca, Bin Dayel Shopping Malls-Riyadh, Riyadh Festival Malls, Housing Malls-Riyadh and Bin Dayel Malls-Riyadh.
About Tanmiyat:
Based in Saudi Arabia, Tanmiyat Investment GroupTanmiyat Investment Group is a leading investment and real estate developer in the Middle East region. Tanmiyat was established in 1982 and began to develop its investment programs in the real estate market, successfully launching a series of massive projects and quickly gaining a leading position in the region. With an experienced staff of 200 persons, including creative engineers, designers and other professionals, Tanmiyat has a large number of projects currently being developed across the Middle East, including in KSA, the UAE, Turkey, Jordan and Sudan.
For further information, please contact:
Serine Srouji
SAHARA Communications
Tel: +971 4 3298996
Fax: +971 4 3298995
Mob: +961 3 581 208
Email: serin@saharagcc.com
www.saharagcc.com
© Press Release 2008
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