Riyadh Daily Newspaper – Issue 13397
Al-Oula ends successfully its participation in Jeddah Exhibition for Real Estate.
At the end of Jeddah Exhibition for Housing, Financing & Real Estate yesterday, Ayed Al-Qahtani, President of Al-Oula Company, called for a greater participation in developing the real estate market and providing the basic services, in order for the real estate market to become an effective driver that contributes in accelerating the real estate and economic development in the region.
He made it clear that the real estate sector provides usually high-quality real estates but at high costs, and he indicated that the achievement of the desired results is ideally guaranteed by the application of the best practices and highest standards followed by the real estate market to fulfill the objectives of the real estate boom and industry. He pointed out that the real estate people must focus their attention on the quality of the general services as it is of high importance and he indicated that with the increasing pressure on the existing infrastructure, it will become difficult over time to provide special services in many cities that witnessed a fast development in the region.
Al-Qahtani stated: the participation of Al-Oula in the exhibition is very important because it is one of the pioneers in the new real estate movement and it believes in the importance of real estate exhibitions as they show the facilities of the real estate companies that need to exist and communicate with the investors and visitors to inform them of the launched projects and the commercial opportunities because the companies and establishments that operate in this sector know that they need to provide the services needed by their clients. Al-Qahtani showed that the real estate sector needs the participation of the competent authorities and those in connection with this sector to create an adequate real estate investment environment by re-examining some regulations and requirements in the real estate market in order for the real estate companies to provide high quality services. He added that the presence of capitals, investment opportunities, achieved profitability, in addition to methodologies and practices of international standards in the real estate sector guaranty the provision of services that meet the needs of the clients and the achievement of the desired objectives and highest degrees of professionalism and distinction.
Al-Oula Development participated successfully in Jeddah Exhibition for Housing, Financing & Real Estate after that its stand was greatly visited, especially regarding Al-Nakheel Project as Al-Oula Development and Emaar UAE signed a Memorandum of Understanding to buy 45% in this project in Jeddah city. Emaar will participate in this joint project though Emaar Middle East. The Memorandum of Understanding stipulates that Emaar will buy two plots of Al-Nakheel Project with an area of 500,000 square meters, knowing that this project is the first for Emaar Middle East in Saudi Arabia. This Memorandum of Understanding was signed by Ayed Al-Qahtani, President of Al-Oula Development, Mansour Al-Uthayman, a member in the Board of Directors of Emaar Real Estate, and Walid Al-Qubays, a member in the Board of Directors of Aflaz Development. It is decided that Emaar Middle East will participate in the purchase of two plots through the public auction conducted by Al-Oula Development and Aflaz Company to sell the lands of Al-Nakheel projects to the visitors and investors. Al-Nakheel Project, owned in partnership with Aflaz Development, is a group of lands situated in a dynamic location in the center of Jeddah city between Prince Abdullah Street and Prince Majed Street, on an area of more than 1.2 million square meters. There are 864 commercial and investment plots.