Al Jubail, 04 December 2008: Rikaz Properties, the exclusive marketer for the Al Rawda Development in Al Jubail City, has announced that it has sold plots to Beyoot Al Ruwad Properties. Headquartered in Riyadh, KSA, Beyoot Al Ruwaad is intending to develop an integral residential project to be sold later on.

Mr. Abdulmohsen H.  Al Gahtani, Vice President of Rikaz Properties, welcomed Beyoot Al Ruwad's intiative, noting that the company's residential project will be an important addition to the Al Rawda Development, saying, "Beyoot Al Ruwad's decision to launch a residential project in the eastern region in Al Jubail is an important indication of the investment potential of the Al Rawda Development and Al Jubail City, on the one hand, and the high standards of the services and infrastructure that Al Rawda Development offers, on the other ."

"Pricing and sales policies were carefully considered to give the opportunity to launch value-added residential and commercial projects in the Al Rawda Development," added Al Gahtani.

Beyoot Al Ruwad's President, Mr Abdul Aziz Al Mousa, said, "The decision to choose the Al Rawda Development as the site for our residential project came after conducting numerous studies on the markets and examining the many alternatives in terms of pricing, infrastructure and architectural planning of land plots."

"Last week we began with land preparation and getting construction licenses for residential units, after completing plot registration," Al Mousa added.

Due to population growth and the expansion of industrial and petrochemical projects launched in Jubail 2 last year, Al Jubail City is currently suffering from a lack of residential and commercial units on sale or for lease, which has caused sale and lease price rates to rise by around 15-20 percent annually. 

-Ends-

About Rikaz Properties:
Since its establishment in 1997, Rikaz 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.

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