RIYADH – The Eastern Province and particularly its capital, Dammam, is set for real estate growth and expansion, Injaz Development Co., a leading real estate development and management company in Saudi Arabia, said in a report released Sunday. The report noted that during the last couple of years, investment in real estate sector in the province has exceeded SR100 billion, while the annual demand for residential accommodation is approximately 60,000 units. Western Dammam has witnessed major construction activities as a natural residential expansion area, with a host of projects under construction along with recently announced development plans in this part of the city. These highlight the importance of Al Nada project scheme and the strategic cooperative agreement Injaz has signed with Almutlaq Real Estate company (AREIC), a part of Almutlaq Group, to handle the development's sales and marketing management. Al Nada project scheme sales campaign will be launched mid February, to address the wide interest marked from real estate specialists and potential customers within the area. Spread across 120,000 square meters, the Al Nada project is strategically located at the Riyadh-Jubail Road and Abu Bakr Al Siddiq Street intersection to the west of Al Faisaliya District. The project site is a fully constructed residential area that boasts of basic services in addition to a well-developed infrastructure, including a wide network of streets, well-connected transportation system, lighting, electricity and sanitation, among others. The Al Nada project scheme offers one of the finest real estate and construction opportunities arising from Saudi Arabia's largest province. Omar Al-Kadi, CEO and Managing Director, Injaz, said: “The Eastern Province is a very active and attractive real estate investment destination, with Dammam in particular offering tremendous potential. The major investments and projects in the area in addition to its advantageous location, makes west Dammam an ideal destination for residential projects. We are confident that Al Nada, which is designed to cater to the diverse tastes and requirements of its target residents, will satisfy growing demand and match the Kingdom's vision for real estate development.” Injaz received the Best Real Estate Developer Award for 2013 from the Ministry of Housing. It was named the Best Residential Developer for 2011 and honored for the Best Mixed-Use Waterfront Real Estate in the same year for its Al Marina project. Injaz specializes in providing comprehensive services and innovative concepts for real estate development reflected by its locally and internationally award-winning Al Marina Project. — SG
