JUBAIL - Rikaz Properties has formed a consortium with Bin Dayel Group and Tanmiyat Investment Group to acquire the Al-Jubail City-based Al-Rawda Development. The two million sqm property is already equipped with the infrastructure needed for the development of modern residential complexes and commercial towers. The new alliance coincides with a period of increasing demand for residential units in the Kingdom's real estate sector and with the establishment of new projects countrywide to cater to the rising demand for all real estate components. Current demand for housing in the KIngdom is far outstripping supply. Statistics show that the housing market is in need of around 1.2 million residential units, with this number likely to increase to around 2.9 million over the next twenty years. Commenting on the newly formed partnership, Mohammed Bin Rashid Bin Dayel, chairman of Bin Dayel Group, said: “We are proud to join hands with Rikaz Properties and Tanmiyat Investment Group and to invest in this highly strategic project. The reliable local and regional market knowledge and experience brought to the table by partners of such caliber will contribute significantly to the value of the project, ensuring the delivery of high quality housing units and sound financial results.” “Located on the Arabian Gulf, Al-Jubail City is considered the centre for future national economic growth by the Saudi government. Jubail is already an international hub for value-added petrochemical industry and an increasingly recognized destination for real estate investment. With industrial, tourist, residential and commercial projects under construction here, the city lures increasing numbers of investors, having already successfully built up and maintained a modern infrastructure that offers promising business and investment opportunities”, said Abdulmohsen H. Al-Gahtani, vice president of Rikaz Properties. “Al-Rawda Development is one of the most important projects under development in Al-Jubail City. It incorporates all the facilities and features that a promising project can offer to be a lucrative investment opportunity, such as prime location, wide area, modern infrastructure and services,” he added. The 2 million square meters Al-Rawda Development faces the Naval Base on King Abdul Aziz Street on the Eastern side, and is flanked on the West by a the Al-Damam-Jubail highway, strategically placing the development between two major highways, both of which are just a few minutes' drive from downtown Al-Jubail. The project boasts the support of a state-of-the-art infrastructure, including a comprehensive road network, pavements, lighting, a complete water and sewerage pipeline network and a complete electricity grid, covering the entire project, in addition to boys' and girls' schools, nursery schools, mosques, children's play areas and a center for governmental services, health centers, green areas, a social centre and multiple parking bays. __
