JEDDAH, 4 December 2007 — A new real estate firm capitalized at SR400 million was launched here on Saturday. Formed by a group of Gulf investors, Ewaan International Housing Company (Ewaan) is all set to unveil its maiden project very soon.
In the first meeting of the founding board members held at the Islamic Development Bank (IDB) headquarters, Mohammad Saleh Eid, CEO of Ewaan, said: “Ewaan’s vision is to construct housing complexes in various areas in Saudi Arabia for the low- and middle-income segments and develop houses in the most efficient and effective way (in order) to provide fair price for investors and end users”.
He said Ewaan hopes to increase real estate perception and understanding in Saudi Arabia through opening new channels for investors, especially with the region experiencing high liquidity and facing limited investment channels.
During the meeting, 10 members were elected to Ewaan’s board of directors, including two members from the Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank Group. ICD is one of the major shareholders in Ewaan.
The meeting was opened by Chief Executive Officer Khalid Al-Aboodi of ICD and presided over by Saleh Bin Mafooz, chairman of Ewaan.
Al-Aboodi said Ewaan has strong ambitions to evolve quickly as a major local and regional player in the real estate market. “Our quest is to create landmark property-based investment portfolios in the Kingdom and across the GCC states,” he pointed out.
