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
 Nov 28 2014 - Saudi- Lab-coated Muggles use Harry Potter to study brainArab News
(MENAFN - Arab News) WASHINGTON: Harry Potter swoops around on his broom faces the bully Malfoy and later runs into a three-headed dog. For scientists studying brain activity while reading it's the ...

 Nov 28 2014 - Saudi- Fleeting celeb friendships and moreArab News
(MENAFN - Arab News) 'Walking with a friend in the dark is better than walking alone in the light.'You must have encountered many such meaningful lines written on friendship through the ages. But ...

 Nov 28 2014 - Saudi- Women dislike about menArab News
(MENAFN - Arab News) The ten things women dislike most about their husbands...distilled from years of research. Look you don't have to agree you might have an eleventh very good reason but this is my ...

 Nov 28 2014 - Israel claims plotto hit stadium foiledArab News
(MENAFN - Arab News) JERUSALEM: Israel claims to have thwarted a planned attack by the Palestinian group Hamas on Jerusalem's biggest football stadium arresting 30 suspected militants commanded from ...

 Nov 28 2014 - Islamic State jams mobiles in MosulArab News
(MENAFN - Arab News) BAGHDAD: Residents in the militant-held Iraqi city of Mosul say militants with the Islamic State group have blocked all mobile phone networks in the town.Several residents said ...

 Nov 28 2014 - Winter brings fresh misery to Gaza war-hitArab News
(MENAFN - Arab News) GAZA CITY: As the wind whistles through gaping holes in her ruined house 62-year-old Suad Al-Zaza and her daughter huddle together for warmth on a bed made of a wooden door laid ...

 Nov 28 2014 - Saudi- Not a trouble but a giftArab News
(MENAFN - Arab News) Have you ever thought you have come to the end of your tether Or that you have suffered a lot That everyone is against you That people do not understand you and that the course ...

 Nov 28 2014 - 'A difficult but most fruitful Journey'Arab News
(MENAFN - Arab News) Muhammad Ishaaq formerly Girish KS Udupa an upper caste Hindu narrates his story about his conversion to Islam.I WAS born and brought up in an upper class Hindu Brahmin family of ...

 Nov 28 2014 - Saudi- Omaran inspiring leaderArab News
(MENAFN - Arab News) Omar also promised not to send the Muslim armies 'into destruction' meaning that he would not send the armies out unless the risks were evaluated and deemed acceptable. He ...

 Nov 28 2014 - Learning to love prayersArab News
(MENAFN - Arab News) Skipping prayers is unfortunately something common among many Muslims. Many nonetheless keep going back to prayers out of fear and rightfully so of Allah majestic in His praise. ...

more...


 






Google

 
 

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