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Jiwar for Dh20.6b project in Makkah

DUBAI — Saudi Arabia's Jiwar Real Estate Management, Marketing and Development Company will start building in January a Dh20.65-billion (21 billion Saudi rials) project in the Holy City of Makkah involving 21 towers and set for completion in 2013.

The company's CEO, Saleh Habib, announced this yesterday at the ongoing Cityscape, a B2B event for institutional investors in real estate projects. He said that Jiwar has earned Dh7.35 billion ($2 billion) since it began operations in 2002.

"The project location in the Holy City of Makkah makes it highly appealing to investors in the Islamic world, and we believe that Cityscape is the ideal platform to launch this project," he said.

Called Rawabi Abraj Al Bait, the project is composed of residential and commercial development occupying 2.72 million sq m of space, and whose towers will each have between 25 to 65 stories, he added.

He said that Saudi Arabia's booming real estate market will see new construction projects worth Dh476 billion (484 billion Saudi rials) by 2010.

"As we embark on pioneering new real estate developments in the Kingdom, we look forward to the continued patronage of our clients and the support of our team," he said.

Mamoun Khanfar, Jiwar's sales and marketing manager for international division, said that tower units will be leased for 30 years to foreign nationals, especially those residing in Muslim countries.

He mentioned Malaysia, Indonesia and other nations in Southeast Asia, the UK, Egypt and Africa.

He said the company expects a full return on investments in three to four years.