Saudi Arabia's leading real estate development company, Rikaz, has held its second 'Musahamat' for the subscription of 32,983 shares for phase two of its flagship project - the City Fanar in Al Khobar.
Billed as a future city, the project will be built around a 300,000 square metre man-made lagoon.
The shares, worth $153.4 million, will be subscribed in accordance with the real estate shareholding 'Musahamat' regulation.
The shares, priced at $4,642 each, are for the purchase and development of 1.9 million square metres of waterfront property. In line with specialised financial studies and with economic feasibility supervised, prepared and reviewed by the largest financial and investment houses in the Arab world, Rikaz expects a return on investment of 50 per cent over a maximum of 24 months for buyers.
"City Fanar presents investors with a unique opportunity to take part in a project that will bring a solid return on investment, whilst addressing the essential links between traditional values and contemporary needs at the human scale," said Sheikh Khalid Al Ghatani, president and CEO of Rikaz. (menareport.com)
© 2004 Mena Report (www.menareport.com)
