DUBAI, 18 October 2007 — Saudi-based Jiwar Real Estate Management, Marketing and Development Company on Tuesday announced the launch of its Rawabi Abraj Al-Bait residential and commercial project in Makkah, Saudi Arabia, at the Cityscape Expo.
Jiwar’s Rawabi Abraj Al-Bait project, which is overlooking Al Masjid Al-Haram, has 21 towers. Jiwar, one of the premier property developers in Saudi Arabia, is commemorating its fifth anniversary this year and is keen to celebrate its success over the years through the official launch of its latest project, at Cityscape.
“In only five years since we commenced operations in the Saudi Arabian property market we have achieved considerable success and have launched several landmark projects.We are pleased to play a major role in Kingdom’s booming real estate market, which is expected to see new real estate construction amounting to SR484 billion by 2010,” said Dr. Saleh Habib, chief executive officer, Jiwar.
Jiwar is the exclusive marketing agent for the prestigious SR6 billion Abraj Al-Bait project (King Abdul Aziz Endowment Project), being built close to the holy mosque in the holy city of Makkah. Meanwhile, Tanmiyat Group, a Saudi-owned property development firm, is displaying its $3 billion Ajman Marina project at Cityscape, one of its impressive ventures currently under development in Ajman, and demonstrate to visitors why “there’s nowhere else quite like it.” Speaking on the significance of the group’s participation in the 2007 Cityscape Dubai exhibition, Abdullah ibn Abdul Aziz Al-Majed, vice president, Tanmiyat Group, said: “This is our fourth annual participation since 2004. In addition to our platinum sponsorship, our impressive stand will present one of our group’s major developments in the UAE, the recently launched Ajman Marina Project,” he said.
In related events, First Qatar Real Estate Development Company yesterday announced over $400 million worth of its projects and company’s strategic expansion into Kuwait and Oman. The announcements were made at Cityscape Dubai. “We are committed to develop quality living and leisure concepts with high business potential at First Qatar’s carefully chosen properties across the region.” Fahad K. Al-Ghunaim, chairman and CEO of First Qatar said.
First Qatar has also announced the acquisition of two strategic areas — a piece of land spanning over 5000 square meters worth of $10 million in Al-Khuwair district in Oman to develop commercial and residential facilities; and a 2,000-square meter beachfront area worth of $18 million in Al-Bilajat area in Kuwait.