New Indian channel to highlight expat issues
New Indian channel to highlight expat issues
Addressing a press conference, he said a large number of non-resident Indians (NRIs), especially businessmen, have shown their interest to invest in the Rs 5 billion project. “We also expect a large number of Saudi and Gulf businessmen to invest in this first-of-its kind media city,” he added.
The promoters have purchased 27 acres of land in Ernakulam district to establish the new city where other media organizations would be allowed to open their offices and studios. “We intend to start 14 media ventures including two television stations and an international media college,” said Alungal, who is also chairman of the news channel.
The promoters said they are expecting a profit margin of 20 percent, adding that they would be able to pay dividends to shareholders in the sixth year of operation.
“This is a never-before opportunity for value creation and engaging with new age technology and processes, with seven fold returns by 2020,” Alungal said. Sreekandan Nair, managing director, said IMC has all the potentials to become one of the leading media cities in the world.
“Our media school will have advanced training facilities and will provide PG, degree and diploma courses. We expect many students from Middle Eastern countries.”
Gokulam Gopalan, chairman of Flowers entertainment channel and chairman of Gokulam Group, said his group decided to support the venture as part of its corporate social responsibility. “The new channels will promote moral and social values and fight corruption,” he added.
Flowers will commence telecasting its programs in February while the 24/7 news channel will go on air in April and the media school will function in September, said Nair, adding that the school would have a capacity to accommodate 1,000 students.
“It will be the first school to provide on-the-job training in TV activities.” Khaled Almaeena, brand ambassador of Al-Abeer Educity, also attended the press conference.
Over 100 stakeholders have invested in the project along side key promoters including Vidhya Vinod, CEO of Study World Education Holding, B. Govindan, CMD of Bhima Jewellers, A.M. Arun, chairman of Vasan Eye Care Group in Chennai, Devies Edukulathur, chairman of Bludan Trading, Satish Pillai, executive director of Galfar Group and T.A. Sundar Menon, chairman of Sun International Group.
Sakani program to add 11,000 homes in Jeddah
- The first project, Rawabi Hijaz, is on private-sector land and will includes 9,502 units
- The Ministry stressed its keenness to work with qualified developers to add to housing stock
JEDDAH: The Saudi Ministry of Housing has signed agreements with two real-estate development companies to add more than 11,000 homes in Jeddah for the Sakani program. The deals were signed on October 15 during an event announcing the program’s 10th batch of beneficiaries.
The first project, Rawabi Hijaz, is on private-sector land and will includes 9,502 units, while the second, Jeddah airport housing, is on land owned by the Ministry and will includes 2,203 units.
The agreements were signed in the presence of Minister of Housing Majid bin Abdullah Al-Hugail, National Housing Company CEO Mohammed bin Saleh Al-Bati, and officials from the ministry and the Real Estate Development Fund. They follow previous agreements signed by the Ministry of Housing with a number of developers to build housing in various regions of the Kingdom. Sixty projects providing more than 90,000 diverse homes, with prices ranging from SR250,000 to SR750,000 have already been launched.
The Ministry stressed its keenness to work with qualified developers to add to housing stock and support supply in the sector, to encourage competition between companies to meet the needs of citizens in a way that suits local markets and ensures the provision of continued maintenance services for the residential units.
“The real-estate developers with whom we signed contribute along with the Ministry to the service of citizens in order to provide a suitable residential environment on the levels of prices and specifications, while presenting the beneficiaries with the guarantees needed,” the Ministry said.
“These projects will be completed and handed over to the beneficiaries within a period not exceeding three years. These housing projects are integrated in terms of services and public facilities. They include mosques, public parks and green areas as well as government buildings.”