Saudi based Jiwar Company for Management, Marketing and Developing of Real Estate, has strengthened its presence in the Middle East by entering into a strategic alliance with Kuwait-based Hajer Company to complete the sale of the Hajer Tower. The Saudi Riyal (SR) 1.5 billion deal was signed during Cityscape 2005, the international property investment and development event being held in Dubai from September 17-19, 2005.
Jiwar is the exclusive agent for King Abdul Aziz Endowment Project in Makkah, and the company recently announced its plans to launch a major marketing campaign for the Hajer tower.
Mufid Alabdal, Executive Director, Hajer Company, said, “The transaction comes as a result of the fruitful efforts made by Hajer during the recent months and through our active participation in Cityscape. This exhibition has presented an opportunity for us to enter into useful negotiations with investors and potential partners. This transaction is a huge accomplishment for us considering that the event attracted leading real estate companies from around the world.”
Dr. Saleh Al-Habib, Chairman of Board of Directors of Jiwar Company, said, “This is a strong impetus for our campaign to market and own other towers of the project for investors in the Kingdom and the Gulf. We will provide every possible support to sell the residential units of Hajer Tower as we gear up to launch the marketing campaign for the tower”.
It is worth mentioning that Jiwar’s announcement about the SR 30 billion deal in cooperation with Kuwaiti investors during the events of Cityscape has aroused the attention of prominent real estate investors in the area and around the world. Several investors have expressed their interest in the rest of the towers, which will be launched in the coming months.
“The towers in which the work is being carried out by the Bin Laden Group, is well on schedule and will be ready for delivery within two years. There is great demand from local and Gulf investors to win the project’s towers,” added Alabdal.
Hajer Tower is one of the high rising towers comprising “Abraj Al-Bayt” project and it includes a hotel, apartments and furnished suites. Hajer Tower has a view over Al-Kaabah and Al-Haram. The total built up area is 86,800 cubic meters and includes 1364 housing units distributed over its 31 floors, each containing 44 housing units.
Alabdal added that over 75 per cent of the housing units of Hajer tower has a view of the Al-Kaabah and Al-Haram, whereas the rest of the housing units overlooks the city of Makkah. He pointed out that floors from one to ten have been earmarked for a four-star hotel whereas floors from 11 to 31 have been earmarked for luxurious furnished apartments and suites.
The Kuwaiti Hajer Company will be involved with Jiwar Company to market Hajer Tower within Abraj Al-Bayt project to sell its housing units, apartments and suites before real estate market.
