JEDDAH, 20 November 2007 — Assaudia Real Estate Development, a wholly owned subsidiary of the Omar K. Al-Esayi Group (OKAG), has appointed AlKhabeer Financial Consultants to provide financial advisory for the transaction and placement of the Pearl of the Red Sea project, developed by Assaudia, directly on the Red Sea coast. The first mega-project of its kind in the South Corniche area, the Pearl of the Red Sea project will be a mixed-use development spread over an area of 1 million sqm featuring residential, leisure and entertainment components.
Motasem Hajaj, general manager of Assaudia Real Estate Development, said in a statement yesterday that “The Pearl project is considered the first-of-its-kind world class, tourism-focused master-planned neighborhood in the region. With this target in mind, we feel that AlKhabeer, a leading investment banking firm, is the perfect partner to assist in the placement of the project.”