The Saudi economy is now set to top the list of GCC countries as it contributes more than 48% of the regions GDP. It has struck an unprecedented budget in 2010 which has reached to SR 540 billion (US$144 billion).
Dr. Raeyed Al Dakheel, the Chief Executive Officer of Mawten Real Estate Company, pointed out that the company's outlook is optimistic despite the global financial crisis. "The real estate sector was and still remains one of the most important sectors that support the growth of the Saudi economy. In addition, it is the most stable and durable sector that keeps on developing. Even though the sector brings in opportunities, it presents a great deal of challenges that requires players that enjoy a long experience which will enable them to deal with the market requirements and succeed in it." Al Dakheel stated.
Mawten is currently working to develop a series of landmark projects including its flagship project Industrial Gate City. This project will be a mixed use industrial project built according to the specification of the Saudi Industrial Property Authority (Modon).
The Industrial Gate City will be built on an area of 6.5 sqm within proximity of the current industrial city. Mawten allocated SR 1.1 billion for this project which will provide a series of plots of industrial usage, warehousing, commercial centers, and residential Zones, in addition to public service areas equipped with high quality infrastructure and in accordance with international standards.
The Industrial Gate City infrastructure includes an electric power network, water and sewage systems, and a water treatment plant. The City is an integrated city providing all the features of a modern city life and comprising fully-fledged services, and commercial utilities that will serve the residents of the city and meet their everyday needs. The city is equipped with a modern road system to facilitate transport throughout the city thus making it into a one-stop-shop model city that has industrial, commercial, and residential zones with promising investment opportunities.
Dr. Al Dakheel continued that the Industrial Gate City comes in line with the Kingdom's strategy to reinforce the participation of the private sector in developing industrial cities and reinforcing the role of industrial development as a key strategic component for economic development. This city is hoped be a model for showcasing the private sector's initiative as a key partner for industrial development, and its role in meeting the increasing demand for industrial lands to develop local industries as well as encouraging this sector's role in the Kingdom's overall GNP.
The significant importance of the Industrial Gate City is key support it received form both key Saudi investors and real estate developers that have strong expertise in both industrial and real estate development. This expertise create a value added for the project that assists in meeting the market expectations and future aspirations and in reinforcing its competitive edge both regionally and internationally.
In addition to the Industrial Gate City, Mawten is developing a series of important project that will enrich the real estate landscape within the Saudi capital and around the country. Some of the key projects include Bella Casa housing compound which is located north of Riyadh near Princess Noura and Al Imam Mohammed bin Saud University. The project will provide a distinguished residential district comprising residential units of high quality villas and apartments with distinctive services including all utility networks and open areas with green landscaping, pedestrian walkways, and car parks. As well as quality hotels in Riyadh and Makkah.