Riyadh Daily Newspaper - Issue 13389
Al-Oula Development Company participates in Jeddah Exhibition with New Projects
Al-Oula Development Company has announced its participation in Jeddah Real Estate and Residence Exhibition that will be held in Jeddah International Exhibition and Convention Center during the period from February 20 and 25, 2006. Through its financial sponsor of the Exhibition, Al-Oula Development has presented different real estate projects in a number of Saudi regions with a value estimated at around SR 4 billion (US$ 1 billion). Ayedh Al-Qahtani President of Al-Oula Development Company has explained his company’s participation in the Exhibition due to the professional status that Al-Oula Development occupies in the real estate development sector in the Middle East. Al-Oula projects that provide a high real estate level have succeeded in attracting many real estate investors from the different Saudi regions, the Gulf and the Arab countries. Al-Oula’s participation in this event aims at strengthening the commercial and real estate links between the company and its clients and investors in the real estate domain. Al-Oula is currently working on the development of a number of real estate projects in Jeddah, Dammam and the Kingdom of Bahrain among which Al-Oula Commercial Center in Al-Khobar city east of KSA. Moreover, Al-Oula is working on the development of “Al-Nakheel” Project in the city of Jeddah, which is a real estate plan located in the heart of Jeddah that meets the highest international standards in the development of lands. Ayedh Al-Qahtani added that the during the last few years the achievements made by the Kingdom of Saudi Arabia have contributed in making the Kingdom occupy an important status as a major catalyst for the economic and real estate growth in the region, whereas the rate of real estate transactions has significantly increased. He noted that the Kingdom’s economy is characterized with its fast growth and development and that now is the right time to confirm the utility of the real estate opportunities in KSA.
Al-Oula Development Company had worked on launching a number of real estate projects among which Al-Oula Towers Project that is a land plan on Al-Khobar Corniche that has achieved sales of more than SR 350 million (US$ 93 million) and Al-Oula Al-Shatee Plan Project in Jeddah that has achieved sales of more than SR 150 million (US$ 40 million) and is currently working on launching new real estate projects. Moreover Al-Oula has signed a Saudi-Emirate alliance with Emaar UAE Company for the establishment of Emaar Middle East (EME) that works on the establishment of real estate projects in the countries of the Middle East.