RIYADH, 13 December 2007 -- An ultramodern SR6.75 billion ($1.8 billion) residential complex will come up in the capital soon for upscale Saudis and expatriates.
Speaking after the inauguration of his company's offices on Olaya Street yesterday, Said Said, president of The Land, an international real estate company, told the gathering: "Having built a reputation for excellence and customer satisfaction throughout the Gulf, we are delighted to announce that The Land has now extended its projects into the Kingdom, where we will unveil our strategic first Saudi Arabian residential complex in Riyadh early in 2008."
Established by a group of Saudi businessmen with Ahmed bin Suleiman Al-Rajhi as its chairman, the company operates mainly in Saudi Arabia, Jordan, Bahrain and Qatar, where it is the largest private investor in the Pearl Island.
Referring to the real estate project in the capital, Said observed that the company's Ajmakan Village, its first luxury residential complex in the Kingdom, will be self-contained in all respects and designed to exceed the customers' expectations. "The emphasis will be on what makes a house a home."
Speaking on the occasion, Karim Jabbour, CEO of The Land, said: "We are investing considerable resources in our Saudi operations, dedicating ourselves to the Kingdom's real estate industry, which we believe has a bright future." He said the company would make every effort to ensure that from start to finish the project pans out according to schedule. Equal attention would be given to the maintenance of the housing complex.
"We are planning no less than six development projects in the Kingdom and are single-minded in our commitment to get everything right from the beginning, because we believe there is no better ambassador for our brand (The Land) than a satisfied buyer."
In addition to the company's SR6.75 billion ($1.8 billion) Ajmakan village investment, the company and its partners will invest over $4.2 billion across the GCC.
"The company has proved itself the leader in GCC real estate market and we believe that Saudi buyers (both nationals and expatriates) deserve the opportunity to purchase their own home in a development considered among the finest available anywhere in the world," the CEO said, adding that The Land was formed in 2004 by a group of Saudi investors led by Ahmad Al-Rajhi.
In Qatar, the company is the largest private developer at The Pearl-Qatar, where it has 17 residential towers under development at Porto Arabia and Viva Bahriya, in addition to the luxurious Perlita Garden Falls, the only private gated community within The Pearl-Qatar.
According to the CEO, the Al-Abdali commercial hub in Amman has been sold out, while the phase 1 of Madinat Al Sharq is ready for handover. A prime site has recently been purchased in Bahrain, while the company is examining prime locations in the UAE.
Javid Hassan
© Arab News 2007
