Saudi Arabia has enjoyed strong property demand, particularly in the residential segment as housing units in the country are expected to hit 4.6 million in 2010 and rise to an estimated 6.2 million by 2020, creating long-term growth prospects for the real estate sector, Jiwar Real Estate Management & Marketing, a leading real estate company in the Gulf region and the marketing arm of the Saudi Bin Laden Group, said. Jiwar has identified the cities of Riyadh, Jeddah, Makkah, Madina, Dammam and A-Khobar as the top residential markets in Saudi Arabia, with rented housing units accounting for 83 percent of the total market. In the light of this development, the company announced plans to establish Jiwar Real Estate Development Co., its new real estate development division that will have a paid-up capital of SR250 million. Jiwar Real Estate Management & Marketing noted that infrastructure development across the country has been in an upswing, with various projects collectively valued at around SR1.76 trillion. The company's invitation to participating in development of the new venture is in line with the company's commitment to support Saudi Arabia in its vision to become one of the top 10 most competitive investment destinations in the world. Dr. Saleh Bin Abdullah Al Habib, CEO, Jiwar Real Estate Management & Marketing, said: “Jiwar Real Estate Development Co. will particularly focus on developing premium-quality, affordable housing projects that target the middle income group across the country. Up to 60 percent of Saudi's residential real estate market belong to the affordable housing segment, while demand is expected to remain high within the next several years, representing a significant business opportunity for our planned business venture. Jiwar Real Estate Development Co. will be fully committed to offer a complete range of real estate services and cater to the entire project cycle, from site selection, conceptualization, development, through to handover to end buyers.” Jiwar Real Estate Management & Marketing also revealed that its planned real estate development division will capitalize on the cumulative market experience of Jiwar particularly in the area of sales and marketing, giving the new business venture a significant competitive advantage. Jiwar Real Estate Management & Marketing is currently actively involved in the Abraj Al-Bait Towers being developed by the Saudi Bin Laden Group in Makkah. The 595-metre tower will occupy a floor area of 1.5 million square meters and become the world's tallest and largest hotel. The company aims to target a blend of development opportunities within different sectors of the Saudi Arabian real estate market. It will primarily focus on developing affordable residential properties for the middle-income segment. Established in 2002, Jiwar has been founded to serve the mega project “Abraj Al-Bait”, one of the most prestigious developments in Makkah overseeing the Ka'ba and Haram.
