The agreement is part of MODON's efforts for establishing
residential complexes in the industrial cities for the purpose of providing
appropriate environment close to the workplaces of factory workers. The
industrial cities in Riyadh are particularly considered the largest industrial
complex in the Middle East.
MODON is currently overseeing two private industrial
cities, which include more than 1,000 factories where almost 120,000 employees
and workers are employed to run these factories.
The area of the residential complex, which will be established
by Mawten Real Estate Company, is 18,000 square meters, while the area of the
other complex is 16,000 square meters composed of 1,773 residential units to
accommodate 6,000 workers and technicians.
The agreement was signed by MODON's Director General
Saleh bin Ibrahim Al-Rasheed and Ra'ed Al-Dakheel, CEO of Mawten Real Estate
Company.
Al-Rasheed said: "MODON is working hard to support
the industrial cities with real estate products supporting the industrial
projects. The projects are aimed at creating industrial zones with integrated
service and overcoming all obstacles encountered by the workers operating in
the industrial cities such as, lack of residential units. We motivate the
developed national companies to establish high-quality residential complexes to
provide the industrial cities with an attractive environment of competencies
and industrial projects."
Al-Rasheed indicated that the selection of Mawten Real
Estate Company to implement this project was undertaken in keeping with the
procedures implemented by MODON to verify the eligibility of the real estate
companies to perform these types of projects and to realize the extent of its
capacity to execute, as well as, to realize the financial position of the
company.
Mawten Real Estate Company is the third real estate
developer investing in Riyadh 2nd Industrial City for the purpose of
establishing a residential complex. MODON had previously signed contracts for
residential projects with ABRAM Company to construct 520 residential units,
accommodating more than 4,000 technicians and workers.
Al-Dakheel explained that the execution of the project
will take almost 24 months after the completion of the final designs of the
project and after the project is awarded to the contractor for execution.
He said that Mawten Real Estate Company is giving extreme
care to provide real estate products supporting the industrial services. He
added that the current project was part of the company's objectives to enlarge
the base of its real estate investments for industries, considering the fact
that the company is currently implementing the Industrial Gate project,
approved by MODON, on an area of 6,5 million square meters.
The CEO of Mawten Real Estate Company emphasized that the
project will provide an ideal residential environment for factory workers and
technicians operating in Riyadh 2nd Industrial City as shown in the study
prepared by the company regarding the preferred locations for factory personnel
in the city.
Al-Dakheel expected that the Mawten residential project
will contribute in providing high-class services, and when completed will
provide an ideal model of residential complexes with regards to the provision
of accommodation for workers and thus reducing reliance on temporary housing in
the adjacent districts designated for housing families.
