Al Khabeer signs MoU with Jazan Development Co. for Jazan Economic City
Investment firm to create a SAR 400 million real estate fund for the benefit of Jazan Economic City projects
Al-Khabeer Merchant Finance Corporation Al-Khabeer, a leading provider of a full range of Shari’a-compliant financial products and services in the Kingdom of Saudi Arabia, has announced that it has recently signed a Memorandum of Understanding (MoU) with Jazan Development Co. involving the allocation of SAR 400 million for real estate investments within Jazan Economic City.
Farouq Fouad Ghulam, Al-Khabeer’s Executive Partner & Head of Asset Management Division, and Sheikh Saleh Mohamed Bin Laden the Vice President of Saudi Bin Laden Group representing Jazan Co, formally signed the MoU. Jazan Economic City is a 103-sqm mixed-use social, economic and agro-industrial development located along the Red Sea 60 km northwest of Jazan City, which is home to the Port of Jazan, KSA’s third most important port on the Red Sea. Jazan Economic City is expected to generate around 500,000 direct and indirect jobs and emerge as a vital hub in the Red Sea coastline.
“Given today’s challenging economic times, we have become more selective of the property developments we fund. Jazan Economic City is a sound project which has the potential to become a major income generator for the Kingdom, which is why we are pleased to be included in its realization. The City is an excellent addition to our
investment portfolio which will certainly contribute to further expansion of the KSA’s rapidly growing real estate market,” said Farouq Ghulam.
“It is noted that the public expenditure towards the fields of finance, insurance and real estate throughout the KSA reached nearly SAR 57 billion in 2007, representing a 4.1 per cent growth over the previous year. Thus these promising figures persuade the company to invest in real estate projects at the Jazan Economic City,” Ghulam added.
Al-Khabeer Merchant Finance Corporation Al-Khabeer is an Islamic financial and investment closed joint stock company licensed by the Capital Market Authority in the Kingdom of Saudi Arabia “CMA”, providing a range of Islamic merchant banking products and services, including advisory, asset management, custody and underwriting. More than half of the company’s 65 specialists and professionals of its human assets are Saudi nationals, thus providing a competitive edge in understanding the market needs and sensitivities.
