Saudi Press: Saudi Arabia Always Seeks to Enhance its Relations With GCC Countries in Various Fields    S.Korea Records 4,954 New Cases of COVID-19    Kuwait condemns terrorist Houthi militia attempts to target Riyadh city with ballistic missile    Bahrain strongly condemns launch of ballistic missile by terrorist Houthi militia towards Riyadh city    U.S. State Department Affirms its Support for the Kingdom of Saudi Arabia against Houthi's Terrorist Attacks    Saudi and Omani Companies Sign 13 MoUs Related to Joint Work in Promising Economic Sectors    Saudi Aramco Announces $15.5 Billion Landmark Gas Pipeline Deal with Global Consortium    Arab Parliament Condemns Terrorist Houthi Militia's Targeting of the Cities of Riyadh and Khamis Mushait with Ballistic Missiles    The Ministry of Defense: The Royal Saudi Air Defense Intercepts and Destroys A Ballistic Missile Launched by the Houthi Militia Towards Riyadh    Dr. Al Rabeeah inaugurates launch of first 154 aid trucks to Yemen    UN deplores conviction and sentencing of Aung San Suu Kyi    King Abdullah Port sponsors SMME reinforcing commitment to maritime sector    Crown Prince embarks on Gulf states tour    SWCC shares initiatives in realizing Saudi Green goals in London Forum    Saudi Export Development Authority Organizes Saudi Trade Mission to USA    Saudi Stock Exchange Main Index Ends Trading Lower at 11021 Points    LuLu group and EFAA group make kindness and support priority on World Disability Day.    Coalition forces shoot down two Houthi-fired drones    Saudi Arabia's new COVID-19 cases continue its slight rise    Saudi and GCC entrants set to dominate motorcycle and quad battles in Hail    10 days to go until Riyadh comes alive with MDLBEAST'S majestic shows    World Directs Attention to Final Round of FIA Cross Country Rally World Cup in Hail    Saudi ministry stresses need for wearing masks, social distancing in mosques    Pakistani education minister lauds Saudi e-learning success during the pandemic    Next pandemic could be more lethal than Covid, says vaccine creator    5-day Jeddah international motor show starts Today at 6 PM    Lewis Hamilton wins thrilling Saudi Arabian Grand Prix    Crown Prince attends inaugural Saudi Arabian Grand Prix    Deputy Governor of Hail: Hail International Rally is a practical translation of the wise leadership's support    Hail International Rally to Kick off Tomorrow    SAMI, Airbus to Form Joint Venture for Military Aviation MRO and Services    Hamilton sets pace in free trials in Formula 1 STC Saudi Arabian Grand Prix    Red Sea Immersive to provide enthralling experience: Liz Rosenthal    Invest in Saudi Arabia Initiative Announces its Partnership with Formula 1 Saudi Grand Prix    Duchess of Sussex wins latest court battle with Mail on Sunday publisher    Trolls join UN campaign for healthier eating, sustainable living    BIENALSUR Exhibition Arrives in Jeddah at Historic Site of Qasr Khuzam    Saudi Hind Al-Showaier Elected Regional Director of World Federation of the Deaf    Saudi Film Commission launch its strategy to develop film and cinema sector    Bollywood superstar Salman Khan to dazzle Riyadh Season on Dec. 10    First Full International Marathon in Saudi Arabia to be Held in March 2022    Bollywood star's 'India got freedom in 2014' remark stirs controversy    23 Saudi women obtain favorable verdicts in 'adhl' lawsuits    Bride's fingerprint not required in revised e-marriage contract    Pilgrims Perform Dhuhr and Asr Prayers at Arafat Holy Site    Council of Senior Scholars: Muslim Brothers' Group Don't Represent Method of Islam, rather only Follows its Partisan Objectives, Violating our Graceful Religion    Eid Al-Adha Prayer Performed at the Grand Holy Mosque    Pilgrims Perform Dhuhr and Asr Prayers in Arafat Holy Site    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Saudi firms team up for SR2.4b Jeddah project
By Saudi Gazette Staff
Published in The Saudi Gazette on 07 - 04 - 2009

Kinan International Real Estate Development, Savola Group and Ebela Company (a subsidiary of Saudi Binladin Group) concluded a landmark SR2.4 billion joint venture that will turn a 3 million square meter land into a residential property.
The agreement was singed by Dr. Sami Baroum, managing director of Savola Group; Saleh Binladin, representing Ebela Company and Engineer Nidal Jamjoom, CEO of Kinan. The signatories said they were delighted to be part of such a mammoth project, which will be targeting the housing needs of the potentially profitable middle-income sector.
Dr. Baroum said: “We see a lot of potential in the real estate sector, and that is why our group has made a substantial investment to take advantage of the many opportunities offered by the industry. We have strong confidence in Kinan, which has proved its capability in the development and management of a range of commercial centers across the Kingdom.”
Saleh Binladin said: “The residential development market in Saudi Arabia is a very promising market especially for the middle-income sector, where demand goes very far beyond supply, therefore, we were very interested in entering into this partnership with Kinan and Savola Group.”
Engineer Jamjoom said: “This is the first residential project for Kinan, and we are looking forward to be one of the main developers of housing projects for middle-income sector. The company's entry into the residential sector comes after careful studies and owning good sites suitable for such projects.”
The group has put together a team of local and international companies specializing in the development, design and construction of mega residential projects to ensure the success of the property venture.
A blueprint has already been approved by all partners and the project will be completed over a period of six years, the first phase will be completed in two years.
“Upon completion, the project will provide more than 8000 residential units of various sizes and prices, including apartments, villas and duplexes. We plan to start selling the units by the end of this year after taking the necessary permits from the authorities,” Jamjoom added.
Kinan is a closed joint stock company with a capital of SR1.7 billion.
Its main stockholders include Savola Group, Jareer for Commercial Investments Co., Al-Qodus Al-Arabiya Trading Company and Albilad Bank. The company employs more than 100 employees, and over the past years developed a range of commercial centers in seven cities in Saudi Arabia with investment of more than SR1.8 billion.
Kinan received “Best Real Estate Developer” award in Saudi Arabia in 2005 and 2006.
Saudi Binladin Group was founded in 1931, and is one of the leading companies in the area of contracting and carried out many large and vital projects in Saudi Arabia and other countries. Its activities include architectural and interior designing, and civil, marine, mechanical, electrical engineering, general contracting and projects management, development and maintenance of real estate projects and others.
Savola Group is a leading company in Saudi Arabia and placed 13th in the list of largest companies in Saudi Arabia. Its products and activities have a significant presence in the Middle East and a number of countries in North Africa and East Asia and beyond. It has a capital of SR.5 billion.
Its products include edible oils, sugar, food, retail, real estates and plastics. As a result its expansion, its sales in 2008 increased by 33 percent to SR13.8 billion compared to SR10.4 billion in 2007. __


Clic here to read the story from its source.