Oct 08 2011 |
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Dar Al-Arkan Receives Approval for SR 4 Billion Fund from Saudi Public Investment Fund (PIF) to Finance Qasr Khozam Project
Dar Al-Arkan Real-Estate Development Company, developer partner of Khozam Development Real Estate Company announced today Oct 8th 2011, that the Public Investment Fund ( PIF ) has granted approval for SAR 4 billion financing facility for the Companys Qasr Khozam Development project.
This funding will contribute to the project by accelerating the development operations and pushing ahead to the next phase of sending evacuation notifications, the compensation and transfer of ownership of the properties located in the project area. This step will be followed by demolition works and the infrastructure development in phases. This approval was preceded by the processing of administrative; legal formalities; preparation of project technical studies; obtaining of government approvals for the properties documentation, evaluation and compensation list; approval of the master plan by government authorities and obtaining approval for the infrastructure designs.
The governmental support of major development projects such as Qasr Khozam Development project proves the government commitment to the success of this project through a true joint venture between the public and private sector to rejuvenate the old downtown district of Jeddah. Qasr Khozam Development project is located in the south east of Jeddahs central downtown district, covering an area of approximately 4 million square meters. This area includes historical, economic and cultural landmarks. The project objective is to demolish all scattered properties on the project area and develop the land basic infrastructure according to world-class highest quality standards which is expected to develop the area economically, culturally and socially.
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