CITY CENTER DEVELOPMENT COMPANY ENGAGES LEADING REAL ESTATE ADVISORY COMPANY SCHONBRAUN MCCANN GROUP SMG-FTI
CCDC partnering with best international companies to bring global expertise to the Jeddah Central Development Project including the historical district
City Center Development Company (CCDC), exclusive developer of the Jeddah Central Development Project (JCDP), has engaged the services of the New York based real estate advisory company the Schonbraun McCann Group (SMG), an FTI Company.
The two partners have signed an agreement in which CCDC will be boosting the project's investment benefits through utilising SMG's solid experience in real estate investment financial planning.
Following signing of the agreement, Eng. Khaled Abdulghaffar, CEO of CCDC, said: “It is our intention to partner with the best international companies to bring global expertise to the Jeddah Central Development Project in order to ensure the highest quality implementation in all project phases. To this effect, SMG will contribute its unique capabilities as a provider of strategic real estate, financial and implementation advisory services.”
“Our partnership with SMG aims at benefiting from the group’s experience and capabilities in urban development, especially in the restoration and preservation of the historical district. We will work together to revive the cultural and historical heritage this area holds and enhance its glamour as a tourist destination for visitors to the Kingdom,” added Eng. Abdulghaffar.
Signing on behalf of SMG, Mr. Barry M. Barovick, the Group’s Senior Managing Director, said: “We are very pleased to be partnering CCDC in the Jeddah Central Development Project and the historical district in particular. Acting as a proactive advocate for the project, we are fully committed to providing every possible advantage to help CCDC to meet its goals while at the same time being introduced to its expertise in this huge market.”
Elizabeth Kulik, SMG project leader, was quoted as saying: "We are more than excited and proud to be part of this prominent project with CCDC, especially regarding our involvement in developing the historical district. Viewed as a whole, the JCDP is one of the biggest real estate development projects ever undertaken in the region."
Established in 1973, and through its offices in 50 cities around the world, SMG is one of the biggest real estate strategic financial consultant companies in the US and is actively involved in its clients' strategic decision making and its strong relationships within the financial and real estate markets.
Operating in conjunction with the Amana, CCDC is responsible for investments in infrastructure development projects that will rehabilitate and rejuvenate Jeddah Central District, revive its historical and cultural heritage, purify its marine environment and reunite the city with the sea. By creating world class residential and commercial properties, job opportunities and leisure activities, the JCDP will bring long term benefits to Jeddah’s predominantly young population and significantly enhance the quality of life for the citizens of Jeddah as a whole.
Reasserting the central district’s rightful place as the heart of Jeddah, the JCDP will preserve and restore the city’s historic buildings and monuments, enhance its position as a principal gateway to the Two Holy Mosques, beautify its image as a popular tourist destination, and expand Jeddah’s role as a major hub of domestic and international economic activity.
