19/05/2009
On May 17, 2009, Jinan Real Estate Company signed an engineering design contract with one of the largest architectural design firms in the region, Noor Engineering Design Company, for a commercial residential project to be located in the center of Khobar valued at one billion riyals. Present at the contract signing was Yahya Jan, International designer and Vice President of Noor, Dr. Bassam Janan Buwdiy, Managing Director and CEO of Jinan, and a number of employees from both companies.Abdul-Muhsin Al-Rashid, Chairman of the Board of Directors for Jinan Real Estate Company, asked real estate developers to take advantage of low building material prices and quickly invest in commercial housing projects for citizens in order to narrow the gap between supply and demand.
Al- Rashid said that this is the first of several projects to be completed by Jinan. Once the design is finished the project will be completed in 6 months to a year. Adding that he expects the entire project to be completed within 3 years.
Al-Rashid stressed that investment in the construction of housing will support the Government's efforts in achieving the goal of housing for every citizen.
Tariq Al-Tamimi, a member of the Board of Directors, said that studies indicate that Saudi Arabia is the biggest and most attractive real estate market in the Gulf region with a huge demand for housing. Much of the demand stems from the fact that 60% of the population is under the age of 30, and the population growth rate is about 2.5% per year.
Jinan Real Estate intends to focus on this segment of the society and secure housing for them at competitive prices that everyone can afford. The Managing Director and CEO of Jinan, Dr. Bassam Buwdiy, said, "The vision of the project is to build an integrated city in the center of Khobar with an area of 47 thousand square meters, strategically located between all three cities of Dammam, Dhahran and Khobar, and close to major roads. The project will contain all the needs of the family including entertainment, shopping, parks, etc.
International Designer, Yahya Jan, said that the real estate market in Saudi Arabia is very important and promising. He also spoke about some of the components of the project saying that the integrated city would contain an office tower, hotel, furnished apartments, shopping mall, and residential complex containing more than 500 residential units. Adding that this is an exceptional design for the Eastern Region.
