Saudi group increases real estate investments
The volume of investments of Sukuk group for investments and real estate development increased to 1.2 billion Saudi Riyal ($319.9 million), and included various projects, such as Abha mall, Durat Abha project, al-Nawras plan in Jazan, Al-Ulya in al-Ahs, Ward al-Taif plan, Zuhur al-khamis plan, the boardwalk in al-Mujarada, Al-Nukhba in Wadi al-Dawasir, Al-Aqiq in al-Baha and other investments in the city of Jeddah, reported the Saudi newspaper <i>Al-Watan</i> on Wednesday.
The head of the group, Mohammad al-Bakri, said that the group moved from local investments into global investments, mainly in Dubai, where it invests in the construction of 6 residential towers in Dubai International Media City, each of them will have 14-25 floors.
Al-Bakri added that the group intends to offer housing projects for those who have limited income, as the cost of each unit will not surpass SR 200,000 ($53,300), which can be paid in installments.
The group intends to offer also two large projects, the first in Riyadh with more than SR 1 billion ($266.6 million) costs, and the second in Jeddah with an area of more than 1 million square meters.