JEDDAH, 10 April 2007 — Assaudia Real Estate, a subsidiary of the Omar K. Alesayi Group, said over the weekend that it is building a 22-storey office tower called the Alesayi Tower in Jeddah’s historic downtown district.
Costing an estimated SR100 million, Assaudia said the Alesayi Tower would include 17 business floors for offices, two showroom floors and three parking levels. The building is currently available for businesses to buy office space.
“The Alesayi Tower has been carefully planned and designed to provide a premium business experience, unique architecture and a first-of-its-kind opportunity in the middle of Jeddah’s historic district. Assaudia has sought to achieve a complete, high-quality commercial environment that would be the right architectural fit for our society and this district,” Matasem Hajaj, general manager of Assaudia Real Estate Development Co., said.
He added that the tower is aimed at businesses seeking to expand the network in the Balad area of the city, particularly those that specialized in banking and investment.
Its basement-level parking will be maximized to reduce traffic strain on the surrounding community. Each parking level will have a span of 1,280 sqm.
Hajaj said that the Alesayi Tower project is part of Assaudia’s commitment to the regeneration of the historical Balad area. He added that Assaudia is working with the Jeddah Municipality to ensure the sustainable future of Balad district.
Alesayi Group’s projects included the Al-Sharq, Al-Manar and other affordable housing projects, that have made real estate affordable for the Kingdom’s middle income residents.