BNC report lists top Saudi development projects

New Jeddah Downtown — Phase 1
Updated 09 February 2018

BNC report lists top Saudi development projects

A significant number of expansion and redevelopment projects are among the 10 highest value construction projects in Saudi Arabia, according to the latest “Top Projects in Saudi Arabia” report prepared by the BNC Network for The Big 5 Saudi. The multi-development expansion of Makkah’s Grand Mosque and the redevelopment of Jeddah’s downtown are included in the list.
The BNC report revealed that the expansion and redevelopment of existing structures and areas is a main theme.

1. Al-Faisaliya City
The $25 billion Al-Faisaliya City concept for the western coast of Makkah stands at the top of the BNC list in value. The development will spread across an area of 2,450 square kilometers and will provide 995,000 housing units to accommodate 6.5 million people.

2. Grand Mosque
With an estimated completion date of mid-2018, the $21.3 billion expansion project will be divided into three phases. The expansion will include the addition of a new seven-story building with 74 prayer halls, an ornate prayer hall spread over 250,000 square meters and a 5,000-square-meter central ceremonial area.

3. Dahiyat Al-Fursan
Valued at $20 billion and due for completion by 2020, the residential project involves the construction of 100,000 houses and infrastructure works.

4. Al-Ruwaid redevelopment
The Jeddah-based project is expected to be completed by 2030. It involves the redevelopment of Al-Ruwais district and transforming a slum area into an urban district.

5. King Abdullah Security Compounds — Phase 5
Phase 5 of the King Abdullah Security Compounds under development by the Ministry of Interior is valued at $8 billion and is expected to be completed this year. The entire project will involve the construction of 369 security compounds.

The other projects in the list include: Al-Shamiya and Mataf expansion, Mall of Saudi, New Jeddah Downtown — Phase 1, The Avenues — Al-Malqa, and Riyadh Medical Village.
Event Director for The Big 5 Saudi, Roni El-Haddad, said: “The call made by Saudi Vision 2030 to diversify KSA’s economy is driving construction activity across all markets; government plans to strengthen religious tourism anticipate an influx of pilgrims to the Grand Mosque and Mataf instigating its expansion, additionally there is increasing demand by young people for higher quality urban areas, the development of which currently makes up 70 percent of all construction activities in Saudi Arabia.”

Ascott debuts in Africa with Kwarleyz Residence

Updated 15 October 2018

Ascott debuts in Africa with Kwarleyz Residence

The Ascott Limited has cemented its footprint on the African continent with the opening of its first property in Accra, the capital of Ghana. Kwarleyz Residence, which is managed by Ascott, will be the first upscale international -class serviced residence to enter the flourishing Ghanaian market.
Thomas Wee, Ascott’s deputy managing director for the Middle East, Africa, Turkey and India, said: “Ascott has been managing world-class serviced residences globally for over 30 years. The opening of our first property in Africa, Kwarleyz Residence, enables our worldwide network of corporate clients and the growing international travelers to experience Ascott’s award-winning hospitality on another continent.
“Africa is the world’s second fastest-growing economy after Asia and we see great potential in the region’s hospitality market. Africa’s huge economic growth is fueled by massive infrastructure development, favorable investment policies, and a young population.
With our strong expertise in hospitality management, Ascott aims to set the benchmark in the region by offering business and leisure travelers world-class extended stay accommodation and superior customer service.”
Wee added: “In addition to Kwarleyz Residence, we have secured a contract to manage Ascott 1 Oxford Street which will open in the heart of Accra in 2019.”
Located in the upscale airport residential district, Kwarleyz Residence is surrounded by embassies and the headquarters of gold mining companies. About a five-minute drive from the Kotoka International Airport, the property is within easy access to the Marina Mall at Airport City and Tema Industrial City, via the motorway.
Vincent Miccolis, Ascott’s regional general manager for the Middle East, Africa and Turkey, said: “We are proud to partner with Wonda World Estates to bring the first-of-its-kind hospitality offering to the Ghanaian capital and introduce sophisticated living in Accra with the opening of Kwarleyz Residence.”
Nana Kwame Bediako, president for the Kwarleyz Group of companies, which includes Wonda World Estates, said: “We see this collaborative project with our colleagues at Ascott as another example of Wonda World Estates, Kwarleyz Group, Cola Group and Kensington Residential Partners showcasing, either individually or as a collective, a commitment to the improvement of emerging markets across the African landscape.”
The 40-unit serviced residence provides a variety of studio and one- to three-bedroom apartments.
The property includes facilities such as a restaurant, coffee lounge, sky bar, rooftop garden and basement parking. Guests can relax and rejuvenate in the gymnasium, outdoor pool or spa.
The International Monetary Fund forecasts that Africa’s economy will be the second fastest growing in the world with an annual growth rate of 4.3 percent from 2016 to 2020. Ghana is ranked Africa’s fifth most attractive investment destination. Its foreign direct investment increased by nine percent to a record $3.5 billion in 2016.