JEDDAH, 27 February 2005 — “Real estate is the best investment for the next generation” was the focus of attention at the six-day real estate and financing exhibition that ended here Friday night, with local, Gulf and other Middle East participants reporting “tremendous response” and multibillion dollar deals.
Several thousand registered visitors and families who visited the exhibition evinced great interest and even struck deals on the spot, with many other deal under negotiation or in the pipeline in some projects in Makkah and Jeddah including “Jeddah Heights,” and some of the upcoming properties in Dubai and elsewhere in the region.
“Deals have been reached in 45 percent of our properties,” Dr. Abdul Aziz Turkestani, vice president, marketing and planning of Alkhobar-based Al Oula told Arab News. Auction at our Al Nakheel project in the heart of Jeddah city is set for March 23. This project is strategically positioned in the heart of Jeddah within the central business district, “the objective being to bring this discarded land back to life through visionary planning,” Faisal M. Al-Mass, PR in charge at Al Oula, said. This location benefits form being adjacent to some of the key road schemes in Jeddah, giving easy and convenient access from all routes including the Al-Saben district, Abdullah Al Suleiman district, and Crown prince Avenue. Al Nakheel is currently in its early stages of development with installation of infrastructure facilities under way.
The Kingdom’s Al Oula and Emaar Properties in Dubai, both multibillion riyal companies, have together newly established Emaar Middle East to promote investment and development of real estate projects locally and across the region.
In the real estate and investment industry, change is continuous.
“Our vision is to be leaders in real estate and investment business in the Kingdom and the rest of the GCC has become a reality with investments exceeding SR4 billion,” Al Oula President Ayedh ibn Farhan Al-Mubarak Al-Gahtani said.
Aside from Emaar Properties, which has become one of the main partners in Amalaki for real estate systems, Al Oula has undertaken strategic alliances with other major GCC and international companies. It has also established specialized real estate subsidiaries such as Edara and Amakin.
Some of the properties in focus were Al Oula Towers along the southern extension of the seafront of Alkhobar Corniche, “which is not only sold out within a record time but also generated handsome returns.” Al Zumurd Resort, situated along the Arabian Gulf, near Alkhobar, offers a unique lifestyle that rivals every other resort in the region. The resort boasts private beaches for each block with aesthetic architecture surrounded by a manmade lake.
In fact, Al Oula’s journey started with Al Thuraya, located in an area suitable for business and investment ventures, near the Old Airport Road and Dhahran street.
Al Diyar, described as a total project solution for the region, is located at the meeting point of three main roads — Alkhobar/Abiqaq, Abu Hadriya/Dammam and Abquaiq/Dammam/Alkhobar, which leads to Bahrain and other GCC states.
Oula Al Shatee project is in a picturesque location overlooking the Red Sea in one of the affluent districts of Jeddah. The project was developed in a short span of seven months. Also in focus were Al-Marwa Tower, a residential property opposite Abraj Al Bait, an outstanding architectural landmark in Makkah, in the area surrounding the Holy Haram, The 27-floor tower of the Saudi Binladin Group comprises 40 units per floor.