AlAhli SEDCO Residential Development Fund closes at SR350 million

Updated 15 June 2015
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AlAhli SEDCO Residential Development Fund closes at SR350 million

SEDCO Development, a subsidiary of SEDCO Holding Group and the prime developer of AlAhli SEDCO Residential Development Fund, has been awarded a contract for the construction of Gardenia Residence, a project owned by the fund in partnership with Ghoneim International Co. Ltd.
The project’s execution phase is 19 months, with expected delivery date set for end of 2016.
Khalid Assad Jamjoom, CEO of SEDCO Development, and Al-Said Ghoneim, GM of Ghoneim International Co. Ltd. signed the contract.
Gardenia Residence covers a 26,000 sqm land located west of Madinah Road previously acquired by the fund through SEDCO Development. The project accommodates more than 370 diversified residential units that cater to the needs of residents as part of the growing demand in Jeddah’s real estate sector.
Ghoneim International Co. Ltd. acquired the project under its ability to provide competitive prices and determine the timeline for the execution of the project.
NCB Capital has successfully closed the investment fund after its investors’ shares exceeded the targeted amount of SR350 million, aiming to achieve 10 percent internal returns per annum.


Events company sees KSA as market leader

Updated 20 May 2018
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Events company sees KSA as market leader

  • My Events International is based in Malaysia and operates on three continents worldwide.
  • ‘Saudi Arabia is being renewed,’ says My Events International founder.

JEDDAH: A global events company has begun operations in Saudi Arabia with a plan to make the Kingdom and Vision 2030 the focus of a growing world market in event management. 

My Events International provides event management, marketing, and sponsor and sales management in sectors including banking, technology, health care and construction.

The Malaysia-based firm operates in India, Kuwait, the UK, Singapore, Nigeria — and now Saudi Arabia. 

The company’s Jeddah opening was attended by Khaled Almaeena, Al-Abeer director; My Events International Saudi Arabia manager Shahul Dawood; founder and president of My Events International, Mohammed Abudawood; and Malaysia’s consul general in Jeddah, Dato Mohamad Ali bin Selamat.

The opening also included the launch of Expo Malaysia, which will showcase the country overseas.

“Our partnership with My Events International will help create a new trademark in Saudi Arabia that compatible with Vision 2030 and the new changes that is bringing,” Almaeena said.

“We are proud to announce that we are organizing the Malaysia Expo, which promotes trade and investment between the two countries and will provide job opportunities for Saudi youth,” he said.

Dawood said: “Saudi Arabia is our fifth country to have a partnership. We have entered Saudi Arabia at the best time — most of the doors are opened for us, and people are encouraging and supportive. 

“We are also aiming to do a special program for women. We are not only an event managing company, but also a specialist in content creation and public private partnership.”

Abudawood said: “We are witnessing a country that is being renewed. Youth represents 70 percent of the Saudi community, and they are full of energy and new ideas, so talking about events and entertainment will help make this change happen.”

Selamat said: “Malaysia and Saudi Arabia are two countries with great potential in sectors such as tourism, as well as developing small and medium enterprises.

“My Events International has great significance in events development, and this partnership will help strengthen ties between Saudi Arabia and Malaysia, and promote economic relations as well.”