A major investment contract has been signed between Saudi Arabia’s Aref Investment Group and International Ejarah and Investment Company Alliance on the one hand and Bin Laden Group on the other. At a total cost of $390 million, the contract aims to invest in a new construction project, known as Zamzam Tower.
The contract, singed with the Bin Laden Group, aims to invest in the Zamzam Tower, one of Al-Bait Complex towers owned by the Group. The project is located on King Abdul Aziz's landed estate allocated for serving the two Holy Mosques over a period of 24 Hijri years in accordance with the build-operate-transfer (BOT) system.
The investment involves 31 stories in Zamzam Tower covering an area of 91,326 square meters. The 1,457 housing units will be offered based on an Islamic system known as Ejarah deeds which are compatible with Islamic laws.
Investing companies include the International Ejarah and Investment Company with a paid-up capital of $50 million, Islamic Development Bank and a number of local public and private companies as well as several foreign companies.
The Zamzam Tower project is the first investment project enabling Muslims worldwide to own housing units in Mecca. The Bin Laden Group, project developer, is one of the major contracting companies in Saudi Arabia, having executed a number of projects around the Holy Mosque in Mecca and many other infrastructure projects in the Saudi Kingdom. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
