Quotes: US 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
 Sep 18 2014 - UAE- DED and DQG host Share Best Practice ConferenceKhaleej Times
(MENAFN - Khaleej Times) The Department of Economic Development (DED) and Dubai Quality Group on Wednesday hosted the 'Share Best Practice Conference and Exhibition 2014' with an aim to share the ...

 Sep 18 2014 - UAE- Dolphin Energy achieves 5 trillion SCF output milestoneKhaleej Times
(MENAFN - Khaleej Times) The Dolphin Project involves the production and processing of natural gas from Qatar's North Field, and transportation of the dry gas by sub-sea export pipeline from Qatar to ...

 Sep 18 2014 - Acer unveils new line-up, eyes increased market share in UAEKhaleej Times
(MENAFN - Khaleej Times) Acer unveiled its new line-up of touch-based products portfolio at its first-ever annual showcase in Dubai on Wednesday.The Taiwanese company, which is No.1 for the last 16 ...

 Sep 18 2014 - Qatar- HH the Emir Sends Congratulations to President of ChileQatar News Agency
(MENAFN - QNA) HH the Emir Sheikh Tamim bin Hamad Al-Thani sent Thursday a cable of congratulations to President of the Republic of Chile Michelle Bachelet on the occasion of the anniversary of her ...

 Sep 18 2014 - Qatar- HE Premier Sends Congratulations to President of ChileQatar News Agency
(MENAFN - QNA) HE the Prime Minister and Interior Minister Sheikh Abdullah bin Nasser bin Khalifa Al-Thani sent Thursday a cable of congratulations to President of the Republic of Chile Michelle ...

 Sep 18 2014 - President Rouhani Condemns Massacre of Innocent People by ISIS ElementsQatar News Agency
(MENAFN - QNA) Iranian President Hassan Rouhani has condemned the killing of innocent people by terrorist groups. He made the remarks in an exclusive interview with the NBC News Network in Tehran ...

 Sep 18 2014 - FBI: ISIS May Take More Hostages in Order to Force US ConcessionsQatar News Agency
(MENAFN - QNA) US Federal Bureau of Investigation (FBI) Director James Comey said in written testimony to Congress Wednesday that Americans within reach of the Islamic State of Iraq and Syria (ISIS) ...

 Sep 18 2014 - WHO Investigates Children Deaths after Measles Vaccination in SyrianQatar News Agency
(MENAFN - QNA) The World Health Organization (WHO) and UN Children's Fund (UNICEF) have initiated the investigation into the death of 15 children in Syria who were vaccinated against measles, UNICEF ...

 Sep 18 2014 - UAE- 787-9 Dreamliner, A380 to boost Etihad's operationsKhaleej Times
(MENAFN - Khaleej Times) "The new jumbos will deliver new, industry-leading in-flight product," said James Hogan, the chief executive of Etihad Airways, while speaking to more than 700 delegates from ...

 Sep 18 2014 - UAE- Komatsu awards Galadari for superior market shareKhaleej Times
(MENAFN - Khaleej Times) Hisashi Shinozuka, Director and Senior Executive Officer of Komatsu Ltd and President of Komatsu's Construction & Mining Equipment Division, presented the 'Best achievement ...

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

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

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
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

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


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help