Post successful closing of Al Mubarak Diyar Jeddah Real Estate Fund offering
ANB Invest announced commencement of Diyar Jeddah Real Estate Fund project infrastructure works covering development of the entire water, electricity, sewage, roads, pavements, landscaping and irrigation networks.
Speaking on this occasion, Mr. Abdulla Shafeea, Board Chairman - Diyar Jeddah Real Estate Fund, was quoted as saying, "Award of the essential project infrastructure development contracts is a major milestone of the Fund investment and project development strategy". "Both Fund and Project Management team exerted considerable efforts to award the contracts to highly professional companies, with a proven track record in the development field. One other goal was to negotiate fair contracts that guarantee rights of Fund investors to avail of professional, high quality workmanship and execution precision in order for Diyar Jeddah Project to be among the exemplary plans and neighborhoods of Jeddah City", added Mr. Shafeea.
The project development works covering execution of roads, pavements, asphalting, lighting, electricity network and external linkage were all awarded to reputable, experienced contracts with a proven track record under management of the Project Developer, Hamad Ben Mohammed Ben Saedan Real Estate Investment Company. Commenting on this milestone, Mr. Majed Ben Hamad Ben Saedan, General Manager - Hamad Ben Mohamed Ben Saedan Real Estate Investment Company, said, "We have achieved the preliminary objectives of the Diyar Jeddah Project, being award of contracts to infrastructure development contractors and actual commencement of field work under the management and supervision of a specialized technical team to monitor progress of project works and implementation phases. North-east Jeddah is a viable area with significant ongoing urban development and growth. This will have a positive impact on price appreciation in the area as well as demand growth".
On a final note, Al Mubarak Diyar Jeddah Real Estate Development Fund is a SR 351 million real estate development fund under management by ANB Investment in cooperation with Hamad Ben Mohammed Ben Saedan Real Estate Investment Company. The Fund offering was successfully closed during second quarter 2011.
-Ends-
© Press Release 2011
