Omar Al-Kadi (third from left), CEO and Managing Director, Injaz Development Co., with other speakers, during the ‘Assessment of Residential Development Project Potential in Eastern Province' forum. RIYADH — With the rapid progress and massive development in the Eastern Region, it has the potential to become the third leading investment destination in Saudi Arabia, a specialized workshop about “Assessment of Residential Development Project Potential in Eastern Province” held recently during the Riyadh Urban Development and Real Estate Investment Event – Cityscape Riyadh 2012, noted. Omar Al-Kadi, CEO and Managing Director, Injaz Development Co., said: “The Eastern Province has strategically positioned itself as the third largest investment destination in Saudi Arabia, leveraging its surrounding ecosystem of major cities and abundant investment prospects in light of the wide-scale development projects underway.” He pointed out that “demand for low and middle-income housing projects has remarkably increased due to limited supply, with an estimated demand of 166,000 units per annum. Given the integral role of the Eastern Province in the industrial sector, it has become essential to establish an integrated logistics city capable of supporting the energetic growth pace and contributing to urban development.” Injaz Development Co. is currently working on the flagship project Al Marina in the Eastern Province, which is poised to be a groundbreaking development that will cater to the business, tourism and urban development needs of the area. Spread over an area of 3.3 million square meters on the Al-Khobar-Dammam coastal corridor, the project features a highly advanced infrastructure, including electricity, sewage, landscaped spaces, roads and many more. The project also includes land plots developed for luxury villas, residential units, commercial towers, schools, mosques, medical facilities, malls, hotels, restaurants and other tourism, social, sports and recreational amenities. The workshop showcased some of the major projects of the Eastern Province Municipality, including King Fahd Park Development Investment project, Al Azizia downtown project, Al Hamra business & tourism project and Alaqrabia project. The discussions also underlined the importance of such projects in driving more real estate investments into the region's fast-growing property development sector. Participants agreed that an integrated plan must be laid down for the development and implementation of housing, industrial, tourism, service and mixed use projects across the several cities and areas of the Eastern Province, which will contribute to its socioeconomic growth and development. The workshop was organized by Omar Al-Kadi, in collaboration with Eng. Sami Haddad, Director of Planning & Investment Development at Eastern Province Municipality; Dr. Bassam Bode, Managing Director of Jinan Real Estate Development Co; and Dr. Saud Al Malaq. It discussed the latest real estate investment trends and opportunities in the Eastern Province and shed light on potential challenges and obstacles across the industry. — SG
