Real Estate Investment in Jeddah
The Muhammad Abd al Aziz al Habib and Bros. Real Estate Co. is currently investing SR 300 million ($80 million) in real estate and housing projects in Jeddah. A source in the company told al-Hayat daily that it plans to establish new projects in the eastern region of the kingdom and in the north of Jeddah. This is part of the company's plan to expand in the main business regions of the country after it had completed several projects in Riyadh.
At present, Muhammad Abd al Aziz al Habib and Bros. Real Estate Co. owns three commercial and housing projects, including Al Khizami Housing Towers. This project, which faces the sea, consists of 28 units and includes four 11-story towers. The project’s total costs amount to over SR 100 million (nearly $27 million). Additionally, the company is presently marketing the Saudi Business Center, which includes 206 offices of various sizes. This project, which spreads across a 400-square meter area, costs SR 120 million ($32 million).
The regional manager of Muhammad Abd al Aziz al Habib and Bros. Real Estate Co. told the daily he believes that real estate investments in the kingdom would grow following the approval of a new law that permits foreign investment in the kingdom. It is projected that many multinationals will open offices in Saudi Arabia, mainly in its major business hub, Jeddah. (albawaba.com staff)
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