JEDDAH: Makkah Gov. Prince Khaled Al-Faisal yesterday inspected the plan for a massive real estate development project named Makkah Gate. The new project, reflecting the growing partnership between the Kingdom's public and private sectors, will change the face of Makkah.
Officials of Sumou Real Estate Company gave a detailed presentation of the project during a ceremony that was held at Jeddah Hilton in the presence of Makkah Mayor Osama Al-Bar and Ayedh Al-Qahtani, chairman of the company that is developing the property.
Speaking to reporters after the presentation, Al-Qahtani highlighted the strength of the Saudi economy, adding that the areas surrounding the Two Holy Mosques offer attractive investment opportunities. "Real estate projects in the two cities attract investors from within and outside Saudi Arabia."
Despite the global economic crisis, Saudi Arabia is witnessing a number of giant real estate projects, especially in the cities of Makkah, Jeddah, Madinah, Riyadh, Dammam, Rabigh, Hail and Jazan.
Last October, Custodian of the Two Holy Mosques King Abdullah opened a large-scale exhibition in Jeddah showcasing major development projects being implemented in the Makkah province which estimated to cost more than SR300 billion.
The projects include the Kingdom Tower, Khozam Palace, King Abdul Aziz Road in Makkah, King Abdullah Economic City (KAEC) in Rabigh, Jeddah Gate, Dubai Towers, Jeddah Islamic Port Expansion, the Jabal Omar project in Makkah, Lamar Towers, King Abdul Aziz International Airport Expansion and Souk Okaz in Taif.
Jeddah Municipality, meanwhile, announced yesterday that it would open next week tenders for a project to develop North Corniche following international designs. The first phase of the project will cover the areas between the desalination plant and Nouras Square with a length of 3.5 kms.
Ibrahim Kutbkhana, deputy mayor for construction and projects, said the first phase would include four fountains, walking areas with a width of 10 meters along the coastline, children's playgrounds and recreation centers, swimming areas, 25 coffee shops and restaurants, and 27 lavatories.
By P.K. Abdul Ghafour
© Arab News 2009
