Construction of Al Oula Tower, Its first Project, with cost of One Billion SR
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Hamid Al Rawali – Khobar
Al Oula Company and Amwal International Company for investment (Kawuait) have signed yesterday partnership agreement in order to establish commercial company working in investment and dvelopment of towers in the area, the company named “ Auwal for Development” located in Khobar.
The occasion of signing off the agreement took place in offices of Al-Oula Company in Khobar city, Eastern of Saudi Arabia. Where Aiyd al Qahtani, the Managing Director, signed on behalf of Al Oula Company and Mr. Badr Al Rizajan, chairman of Board of Directors signed on behalf of Amwal Company. After the event of execution Mr. Aiyd Al Qahtani declared “ the first projects of the new company will be construction of Al-Oula Twower Project of total area of 40.000m2, with total estimated cost of one Billion SR, will be located at Cornish of Khobar.” He added, “ The Company is intend to construct this new tower to form distinguished unique mark in the eastern area and particularly in the commercial center of Khobar city.
Al Qahtani explained, “ the project will include 60-floor tower, part of it allocated to be five-start hotel and the other part will commercial offices varied in areas, where the other portions of the tower will include commercial mall for famous commercial and international trademarks all under one roof, besides, to restaurants, matching with spirit of commercial center and located on the sea beach, will be first time in Khobar city.
The Managing Director of Al-Oula Company reported “ selection of Amwal Company to establish partnership with it come as result of the experience that owned by this Kuwaiti company n management of real estate investment channels, and a desire from the Al Oula company to combine expertise of Amwal in International Financing with expertise of Al Oula company in real estate and come out with new company possess qualities of solid foundations, based on the successes of those two companies.
The tower construction awarded to world famed engineering office in order to design the project to come out with creative and unique design matching with requirements of the next phase of business world in the region, base on what is witnessing the Gulf area and Middle East area of huge shift in the volume of business and commercial activities. Al Qahtani explained, “ The tower will work to increase the commercial movement in Gulf area as to logistic services provided by the tower for many investors in the area.” Al Qahtani Added “ the tower will be completed in 2010).
On the other hand, Mr. Badr Al Rizajan, chairman of Board of Director of Amwal Company reported “ the company recently made new partnership agreement with one of the specialized companies in KSA, soon its name will be declared and nature of partnership within the few coming days.” He added, “ the Saudi market is encouraging for investment in particularly under political stability and plenty of various giant projects.” He confirmed “ The Kuwaiti investor prefer to conduct his investment out side Kuwait, due to the Kuwaiti market is small, although is considered as second biggest world market in real estate.”
Mr. Al Rizajan explained, “ The Company is currently considering number of offers submitted from Saudi companies for partnership in various fields other than the real estate filed.” He elaborated “ The Company choose the partnership with Al-Oula Company, because of qualities of leading in real estate sector and its investments, that opened to Amwal Company opportunities of partnership for investment in this sector, which is passing new qualitative progress in its investments scope, due to significant support and care received by Saudi government towards the developmental projects.
He confirmed, “that investment will be start to enter of Amwal Company in Saudi Market and Aowal Company will be one the companies for Amwall company will invest in.
Mr. Al Rizajan pointed “ the Gulf area became in need for projects such as Al-Oula Tower, which will provide various and new real estate solutions for Arab Gulf area, as the area possess strategic location of Gulf region, the company is aiming to change the traditional concepts of towers prevailing in the Arab Gulf Area, through construct it base on international shape, not exist before in world’s towers” He assured “ The real estate investment will remain the most risk investment and more safe, besides, strengthen by competition witnessing in the Arab Gulf area in sector of real estate development.”