Jeddah: Venice Islands Project moves ahead
The chairman of Saleh al-Daribi for Real Estate Investments and Development Group, Saleh al-Daribi, disclosed that his group succeeded in covering 74% of the subscription in Venice Islands Project's shares, which is located in the south of Jeddah province.
According to al-Watan newspaper, the shares were offered to the public for the past 25 days, while number of shares sold reached 153,952 with a value of 1.439 Saudi Riyal ($383.7 million). This sum is equivalent to 10,000 SR (2,600$) per share.
Al-Daribi spoke during a press conference the Group held in order to notify businessmen and investors about the engineering details of the project.
Al-Daribi added that the Group won a law suit submitted by a person argued that he owned the land of the project, and requested a 22 million SR ($5.8 million) compensation for the damages it faced as a result of this suit.
The company allocated special financing of 25 million SR ($6.6 million) for accomplishment of 5 roads to connect the project with the main city entrances.
Venice Islands project, which is one of the largest island project in the world, is located on the southern coast of the city of Jeddah on a 21 million square meters area. The investment strategy in the project is based on four main stages, including subscription, investments in construction of special projects on certain islands, investments in real estate, and property management.