Sami Mohsen Baroom, chairman of KEC, said the new real estate project in the Madinah city would cover 586,000 square meters, adding that the area would be developed in four phases.
“We are planning to establish a total of 900 villas in the area at an investment value of SR1 billion,” Baroom said, adding that the project would be ready by 2014.
Ali Othman Al-Zaid, chairman of Maarifa, emphasized the strategic partnership between his company and KEC, which has a 50 percent stake in Maarifa.
“We are the main real estate developers in KEC for a number of projects in addition to the housing district project,” Al-Zaid said, adding that construction work on the new housing project would start in two months.
“We’ll start handing over housing units constructed in the first phase next year,” he pointed out.
