UAE property services leader, Asteco Property Management Company, highlighted investment opportunities presented by the regional real estate industry during a history-making forum held exclusively for women in Saudi Arabia. ‘The Reality of Women’s Participation in National Development’ was held under the patronage of HRH Princess Adela Bint Abdulla Bin Abdul-Aziz Al Saud on 19 and 20 March, and was organized by the Khadeejah bint Khuwailed Center, a division of the Jeddah Chamber of Commerce & Industry.
According to Katie Rodgers, Head of New Development Projects, Asteco Property Management Company, the forum indicates the possibilities – made possible through the economic and social empowerment of women – to put the vast amount of wealth owned by the Saudi female population to increasingly efficient and profitable use.
“The outstanding attendance of some 1,000 female participants demonstrates the strengthening desire for a more active participation in business opportunities unfolding across the region. Asteco’s attendance at this event is based on our support of the development of women and one way in which we can help to facilitate this is to highlight the terrific investment opportunities presented by the regional real estate industry,” said Ms Rodgers.
“The content of this forum included discussions on the influence of female redundancy on economic development, the advantages of foreign investment to women, the role of social institutes and development, the effects of tradition and convention on women’s development, and the misconception of nationalism and civilized society, as well as Islam and its support for women’s development.”
The exceedingly high level of liquidity in the Gulf has enabled the growth of large scale real estate development and investment opportunities and an obvious target market is women in the Kingdom. This segment of the population represents a significant investor pool for the real estate industry, which continues to prove itself as a most attractive investment proposition.
“There are some 200,000 businesswomen in the Kingdom and some 21 percent of total private investments are already held by women. These facts were quoted by Saudi Arabia’s permanent representative to the United Nations during an informal thematic debate on the promotion of gender equality and the empowerment of women at the recent 61st United Nations General Assembly in New York, USA,” added Ms Rodgers.
As the UAE’s largest property services company, Asteco’s operations continue to expand throughout the region. Its real estate services – cultivated over the past two decades – include retail, commercial, residential sales and leasing, strategic consultancy, property management and marketing; feasibility studies and valuations and research and development. Asteco’s most recent expansion has been to the Kingdom of Bahrain, where in addition to establishing full operations it also represents the iconic Marina West development as its exclusive sales and marketing agency.
Marina West is a prime example to demonstrate the appeal of the regional real estate market for investment and residential purposes. Within two months of launching sales, more than 30 percent of phase one of the development’s freehold residences was sold.
Marina West is unique in that it will be Bahrain’s first and largest gated residential beachfront community to be developed on the Kingdom’s west coast. It comprises 345,000 square metres of residential, retail and leisure space. 1,280 luxury apartments, simplexes, duplexes and penthouse suites will be accommodated in 11 high rise towers and it will also offer a number of townhouses. More than 7,000 square metres of space will be devoted to a full range of leisure, recreation and entertainment facilities. Alongside these will be a marina, private beach, and an extensive high quality retail offering.
”A significant number of buyers and investors are from Saudi Arabia and approximately one third of sales have been to investors who understand the potential for high returns from an asset class that offers comfort from the tendency for real estate investments to be largely independent from the volatility of stock market performance,” added Ms Rodgers.
AAJ Holdings Company, headed by Chairman and Chief Executive Officer, Ahmed Abubaker Janahi, represents the Marina West development. Bahraini-Greek joint venture, PCC-Terna is the main contractor. The project will be completed by December 2009.
“This is a very interesting time in history for Saudi women who are making strong advances in further development and progress, and we believe the real estate industry provides opportunities which fit the vision of the Forum - to provide a model of the national Arab, mature woman committed to fulfilling her role locally and internationally,” concluded Ms Rodgers.
Marina West’s 1, 2, 3 and 4 bedroom freehold apartments, duplexes, simplexes and penthouse suites range in size from 77 to 545 square metres. A variety of prices - which begin at BD 41,525 for a 1 bedroom simplex– enable a wide cross section of buyers and investors to gain freedom and independence through the empowerment of home ownership.
More information on Marina West is available by contacting Asteco Property Management on telephone number +973 17 690808 or by visiting www.marina-west.com
About the Khadeejah Bint Khuwailed Center
The Khadijah Bint Khuwalid Center is a specialized center of the Jeddah Chamber of Commerce and Industry. Its aims are to support businesswomen in business and investment fields, as well as provide all possible services that they and other ‘womanpower’ need. It nurtures and supports women through a women’s training department to prepare qualified women for private sector employment; a Research & Women Empowerment Department, which conducts research and studies to provide programs and mechanisms to empower the Saudi woman managerially, professionally, culturally and socially; a specialized Women Activities Support Department to support, strengthen and activate the participation of women in the economic development in Jeddah Governorate, though providing effective guidance and advice, as well as helping women to find jobs and creating job opportunities for them; and a Businesswomen Services Department, which aims to reflect a positive image of the Center's activities and build communication bridges with the women community in Jeddah through marketing services, events coordination and IT services units.
About Asteco Property Services Company
Founded in Dubai, UAE in 1985, Asteco is the UAE’s largest property services company. Its services include retail, commercial, residential sales and leasing, strategic consultancy, property management and marketing; feasibility studies and valuations and research and investment. The company recently established operations in the Kingdom of Bahrain and is exclusive sales and marketing agency for Marina West.
About Marina West
Marina West is Bahrain’s first beachfront residential and lifestyle community to be set in the tranquil and idyllic surroundings of the Kingdom’s west coast. The development will comprise 11 thoughtfully designed residential towers that will encircle a 75,000 square-metre gated community. It will boast a fully comprehensive range of lifestyle and leisure facilities and more than 1,280 luxurious 1, 2, 3 and 4 bedroom apartments, duplexes, simplexes, penthouse suites and townhouses.
High quality retail, leisure and lifestyle attractions will include a130-metre long stretch of private beach, marina, boat jetty mooring facilities, a spa and health club, children’s playground, cafes and restaurants, supermarket and medical centre.
