RIYADH – The building and construction works of “Manazel Makkah Real Estate Fund” project how now reached the advanced stage as a result of a great deal of development in the initial phases, BlomInvest Saudi Arabia announced lately. Eng. Abdullah Al-Rashoud, CEO of BlomInvest Saudi Arabia, said the project construction works are progressing in full swing in all phases as they are currently working on finishing the pillars and walls of the basement (shop floor). He further said Bait Al-Mutawireen Company – project developer – is expected to complete the entire skeleton works by next April while the finishing works would take place in October 2014. “Manazel Makkah” project is located in Bat-haa Quraish neighborhood of Makkah on a 25 meter-wide commercial road. The project is implemented over 6 land lots with a total area of 11329 m2, and it mainly consists of four projects of a total construction area estimated by about 47,100 m2. The project is aimed at providing a diverse product of 228 residential units of various sizes ranging between 125 m2 to 170 m2 together with 30 commercial shops. In designing these projects, the needs of the housing market in Makkah have been taken into consideration, besides creativity in each of the function, internal distribution and external appearance of the buildings. A parking lot for each residential and commercial unit is also included. Eng. Saad Al-Moamer, CEO of Bait Al-Mutawireen Co., said the construction works of “Manazel Makkah Real Estate Fund” are progressing according to the set schedule and that upon the completion of all the project construction and final works, the Fund will start to market and sell the ready real estate units as condominiums to the end users. The payment will be either in cash or through the financing houses or local banks according to the conditions that best suit the Fund's interest. Afterwards, the returns will be distributed among the investors.
BLOMINVEST operates as the investment arm of BLOM Bank Group in Saudi Arabia. It provides large companies with financial consultancy services on raising capital, issuing shares and bonds and listing them in the stock market, mergers and acquisition, financing, creating and launching investment funds through public or private offering, in addition to structuring investment services, wealth management and other investment and consultancy services. BLOMINVEST also conducts financial intermediation in international and regional markets besides various studies and researches. The company is a professional firm that has long experience and presence in more than 12 countries, which is managed by an outstanding team that is professionally working together with partners in the kingdom towards success and excellence. It is committed to the highest norms and standards of investments and is known to have transparent operations that are subject to the auditing of specialized monitoring agencies. — SG
