The region’s institutional and individual investors and banks are keen to work with leading Saudi real estate companies to tap the strong potential offered by the Saudi market, says Omar Abdullah Al-Kadi, Managing Director of Injaz Development Company and an expert on Saudi and regional real estate industry.
“This is what we are experiencing at Cityscape Dubai this year, which reinforces the discussions that we have had with a number of individuals and organizations in Gulf countries over the past year or so, especially since the unveiling of our projects in Saudi Arabia,” Al-Kadi said on the second day of Cityscape exhibition in Dubai.
The Injaz Managing Director said banks in Saudi Arabia and the region are structuring special funds to attract foreign investors from across the world to invest in the Kingdom’s real estate sector. The average rate of returns from Saudi real estate market is in the range of 10 to 25 percent, which is extremely attractive by international standards, he said.
These special funds should be operational in the coming months, which will enable credible and well-established real estate companies to access financing for top quality projects, he said.
Al-Kadi noted that Saudi Arabia’s real estate sector offers a stable investment opportunity for short-term and long-term investors, especially in today’s international economic climate. Real estate demand in Saudi Arabia continues to be strong and the market is now mature enough to receive world-class talent and expertise.
“Injaz Development Company wants to play a key role in bringing world-class real estate partners to Saudi Arabia, and we are in a position to guarantee not only good returns to investors and partners, but also to offer quality advice on our market and ways of achieving great results for the business and the community.
“Investors, buyers and real estate development partners entering a market look for partners who have credibility, strength and ownership of liability. Our message to real estate investors and development partners in the region is that Injaz is here for the long term, and we are committed to professionalism, quality and best practices,” Al-Kadi said.
Injaz, which was established in 2006 in Riyadh, announced yesterday that its flagship project Al-Marina in the Eastern Province of Saudi Arabia, and its residential project in Riyadh Al-Gamra, had received final approvals from the authorities, enabling the company to launch marketing and sales of units in both. At Cityscape, Injaz has been in discussions not only with investors, but also with development partners, particularly for Al-Marina.
“We have already begun landscaping work at the Al-Marina site. Infrastructure development work will begin in early 2010,” Al-Kadi said.
Al-Marina is a master-planned community to be built over 3.3 million square meters on the Al-Khobar-Dammam coastal corridor. Projected to be a major landmark in the Eastern Province, Al-Marina will house 45,000 residents supported by community amenities such as schools, health care facilities, mosques, recreation and commercial facilities.
The project will consist of about 636 single-family villas and 15-storey luxury apartment blocks spread over 250 plots. Al-Marina is projected to be a world-class property that will offer quality lifestyle, walkable community-focused neighbourhoods and focal points for social interactions. The total land area for the project is split between residential and commercial (41.4 percent), public spaces (42.2 percent) and government services (16.4 percent).
“We are aiming to get the best for Al-Marina. We want quality education institutions, health care providers and shopping malls and other retail outlets to be located at Al-Marina,” Al-Kaid said.
At the 2.5 million square meter Al-Gamra project in Northern Riyadh, Injaz is offering housing plots for individuals and companies. Al-Gamra is an Arabic derivative of Al Gamr, meaning “the moon”.
The Injaz Managing Director projected Al-Gamra as an excellent investment opportunity for individual and corporate investors alike. “Individuals can own a plot of land and build their dream home for their families while investors and corporations can immediately own land that has the potential to offer very healthy short- and long-term returns,” he said.
The location of Al-Gamra is remarkably convenient for people living and working in Riyadh as it is only a 12-15 minute drive from most parts of the city, and offers easy access to hospitals, airport and universities, he added.
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