JEDDAH: Al Mazaya Holding has signed a contract with Basma Real Estate Management Company to market Al Maather Towers, the real estate investment company's fully owned office towers situated in Riyadh. The three nine-storey towers - boasting a leasing area of 3000m² and parking for 47 cars each - represent added value to the office sector in Al Maather Street in the heart of the Saudi capital, particularly as commercial buildings are expected to see an increase in demand in line with the development and housing plan launched recently by the Saudi government. The signing ceremony was attended by Jasim Mohammed Al Ghanim, AVP Marketing of Al Mazaya Holding and Khalid Shakir Al Mubaidh, General Manager and Partner of Basma Real Estate, who signed the agreement on behalf of their respective organizations in the presence of the Director of Property Department at Basma Real Estate Mohammed Al Ayaf, and Director of Commercial Sector Mr. Hussam Al Zahrani. Shallash Al Hojrof, legal consultant of Al Mazaya Holding, was also present. Al Ghanim said in a statement that the contract with Basma Real Estate provides for the marketing of towers No.1 and No.3, and includes property management services as well as follow-up on procedures related to security, maintenance and leasing. Al Ghanim said that Basma's selection was based on several criteria, including good market reputation, excellent local knowledge, and relations with various government and private entities across the Kingdom, all of which was confirmed by Basma's receipt of the Best Property Marketing Company 2010 award. He added that Basma Real Estate Management Company has a network of offices spanning across the Eastern, Middle and Western Provinces, covering all cities and villages of the Kingdom, and that the company has been able to develop a broad base of clients, with over 50,000 corporate and individual clients, including banks, local and international companies. Basma provides dedicated real estate studies of the Saudi markets and conducts marketing studies, feasibility and cost studies for companies willing to enter this market, particularly real estate companies which need reliable performance indices and financial data to help them select appropriate real estate investments.
