JEDDAH, 23 April 2007 — Expatriates and Saudis now can buy date trees in Madinah for SR800 each.
The project, entitled “Al-Madinah Treasures,” was launched by Wesam Ghazi Al-Madani Group at a reception held at the Jeddah Westin Hotel last week. It is considered the biggest commercial date tree project in the Kingdom.
Wesam Ghazi Madani, chairman of the group, said “investors will have the option to pay in cash or in eight monthly installments. They will then receive title deeds regardless of whether they are Saudis or expatriates.” The 200,000-sqm project, which is expected to generate a 30 percent profit each year, is located at Abyar Al-Mashaya district, 15 kms away from the Holy Mosque.
The city of Madinah has been famous for its dates for centuries, something that has become an integral part of the local economy.
Investors have been divided into three categories.
The first is the economic category, which is for those who can own a minimum of five palm trees (SR4,000).
The second is golden category, which is for those who can own a minimum of 150 palm trees (SR120,000).
The third is the diamond category, which is for those who can own a minimum of 300 palm trees (SR240,000). Investors will also be able to visit the date farm anytime they wish.
Madani added that the company is planning to plant 68,291 palm trees worth SR54,632,800, which include famous types of dates such as the Al-Ajoh, Al-Safawi, Al-Shalabi, Al-Rothanh and Al-Khadraoui types.
The project will create thousands of jobs for both Saudis and expatriates in Madinah and is seen as a continuation of Madinah’s legacy as a center for high quality dates. The project would include the building of a high-tech modern dates packing factory. Work may also be outsourced to other factories, he said.