Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi- Western Region attracts billions in realty projects  Join our daily free Newsletter

MENAFN - Arab News - 20/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) The kingdom's western region is experiencing an unprecedented real estate boom with billions of riyals earmarked for mega projects. among the most important are the sr15 billion mixed-use prince sultan cultural center north of jeddah and bawabat makkah a visionary city planned for 86 square kilometers just west of the holy city of makkah.

both projects will be highlighted on day two of the jeddah real estate summit workshops alongside the 5th jeddah urban development and real estate investment event — cityscape jeddah 2014 from may 4-6 with the support of jeddah gov. prince mishaal bin majed.

ahmed al-sanousi ceo of the jeddah-based prince sultan cultural center (pscc) will share the remaining developer and investor requirements for the pscc project.

'pscc and neighboring projects are transforming the area into an extension of the kingdom's commercial capital" said sanousi. 'summit attendees and exhibition visitors will learn of promising investment opportunities available for pscc including housing education tourism and hospitality and commercial activities."

pscc will be developed in phases over the next five years on an area of two million square meters on madinah road adjacent to king abdullah sports city. the center will have a state-of-the-art 920-bed medical complex as well as an open-air theater (prince sultan cultural oasis) a conference and exhibition center residences and a wide variety of residential support facilities.

equally high on the agenda for day two is the bawabat makkah project to be detailed by essam kalthoum md of bawabat makkah company who stated that the government is allocating new funding and there are eight subprojects for bawabat makkah soon available for bid.

commenting on building a sustainable one-million-person city on deadline kalthoum said: 'bawabat makkah will have a significant impact on makkah's real estate market thus it has been planned taking into consideration market demands combined with our commitment to social responsibility. it is phased to be developed according to availability of infrastructure and following a master plan dependent on the variance of land-use."

kalthoum went on to comment on stakeholder management techniques for politically-driven projects saying: 'bawabat makkah enjoys the support of the regional government as well as the ministry of rural and municipal affairs. both agencies are backing up the makkah municipality which is the main executor of most of the developments in makkah. the most evident support can be seen in the establishment of al balad al ameen as the development arm of the municipality of makkah with one of its main responsibilities being the establishment of proper partnership platforms with the private sector."

another discussion topic will be real estate developments in saudi arabia facing the old issue of privately-owned land being left undeveloped in order for it to accrue value.

kalthoum said: 'bawabat makkah's strategy aims at formulating development plans that identify the land use and product mix as well as several iconic projects such as a university an administrative quarter and a national park."

in addition to these iconic projects other topics being discussed by the kingdom's real estate leadership at the summit include project funding off-plan sales ways to support the mortgage law and the kingdom's construction labor shortage.

raeyd al-dakheel ceo mawten real estate company said: 'the recent development opportunities lie in the size of the saudi real estate market which is the largest in the region. with economic stability higher internal demand progressive social changes relatively low construction cost as well as the government's current investments in infrastructure and the newly introduced legislation and regulations all indicate a good opportunity."


 


Arab News




  MENA News Headlines
 May 26 2015 - Qatar - HH the Emir Attends "Buzzard 4" SeminarQatar News Agency
(MENAFN - QNA) HH the Emir Sheikh Tamim bin Hamad Al-Thani attended Tuesday a part from the senior commanders seminar for the joint military drill "The Buzzard 4", organized by the Qatari Armed ...

 May 26 2015 - Kuwaiti Foreign Minister Meets Yemeni CounterpartQatar News Agency
(MENAFN - QNA) Kuwait's First Deputy Prime Minister and Foreign Minister Sheikh Sabah Khaled Al-Hamad Al-Sabah met Tuesday with his Yemeni counterpart Riyadh Yaseen, whose country is taking part in ...

 May 26 2015 - Egypt- Investments in electricity boosted through legislation: Electricity ministryDaily News Egypt
(MENAFN - Daily News Egypt) Undersecretary of the Ministry of Electricity Sabah Meshaly stated on behalf of Minister of Electricity Mohamed Shaker, that Egypt has issued legislation to boost ...

 May 26 2015 - Fictitious discounts advertised in Egyptian automotive marketDaily News Egypt
(MENAFN - Daily News Egypt) The Egyptian automotives market is seeing a range of fictitious discount offers on car prices. The prices advertised are the original prices of the car, after they ...

 May 26 2015 - Raya Holding to discuss raising capital by EGP84.1mDaily News Egypt
(MENAFN - Daily News Egypt) Raya Holding for Technology and Communications will discuss raising its capital from EGP 420.5m to EGP 504.6m, a rise worth EGP 84.1m, the company disclosed in an official ...

 May 26 2015 - Egypt- Executive regulation of investment law to be issued within 3 weeks: SalmanDaily News Egypt
(MENAFN - Daily News Egypt) The executive regulation for the new investment law will be issued within two or three weeks at most, Minister of Investment Ashraf Salman told Daily News Egypt ...

 May 26 2015 - Egypt- Traders demand ID e-readers, service providers to resume selling mobile linesDaily News Egypt
(MENAFN - Daily News Egypt) The Division of Communication Centres Owners and Mobile Division at the Cairo Chamber of Commerce held a meeting with officials in mobile companies, the Independent ...

 May 26 2015 - Projects worth $10bn to be proposed in petroleum sector: Sherif SousaDaily News Egypt
(MENAFN - Daily News Egypt) Energy is the main sector for development, and accounts for efforts being made to bridge the gap between rates of production and consumption, according to Minister of ...

 May 26 2015 - Egypt- 35 allied investment groups request land for projectsDaily News Egypt
(MENAFN - Daily News Egypt) The first session of the second annual Energy and Future of Investment in Egypt conference, entitled "Investment challenges in new and renewable energy", kicked off ...

 May 26 2015 - Steel industry investments of EGP 150bn face collapse: Gamal El-GarhyDaily News Egypt
(MENAFN - Daily News Egypt) Gamal El-Garhy, Head of the Chamber of Metallurgical Industries at the Federation of Egyptian Industries (FEI), has demanded the government keep the EGP 150bn investments ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help