2013-12-31 11:08:31 - Strategically-located 92,531 sqm residential district reflects natural expansion of Dammam City
Riyadh – December 31, 2013: Injaz Development Co. has announced that it has signed a cooperative agreement with Almutlaq Real Estate Co. (AREIC) – part of Almutlaq Group - to promote the latter’s 92,531 sqm Al Nada Project in Dammam, the capital of the Eastern Province of Saudi Arabia. Strategically located at Al Nada district on at a plane ground at the Riyadh-Jubail road and Abu Bakr Al Siddig and Omar Al Khattab Streets intersection to the west of Al Faisaliya district, the project falls in a fully constructed luxurious residential area that enjoys a network of wide streets reaching 30 meters in width and complete basic services, in addition to a high standard infrastructure including the transportation network, lighting,
electricity and sanitation among others, the residential project offers one of the fine real estate and construction opportunities arising from the Kingdom’s largest province and reflects the natural residential expansion of Al Dammam City.
The agreement was signed by Tareq Almutlaq, Chairman of AREIC - Al Mutlaq Group, and Omar Al-Kadi, CEO and Managing Director of Injaz. Under the terms of the partnership, Injaz will handle sales and marketing management for AREIC’s residential development, which has been designed to cater to the diverse tastes and requirements of its target residents.
The Al Nada Project will help boost visibility for Injaz’s own portfolio in the Eastern region which currently includes the 3.3 million sqm Al Marina seafront development linking the cities of Al Khobar and Dammam and the 2.5 million sqm mixed-use Al Gamra project located at the heart of the ‘New Riyadh.’
“Injaz ensures that its partnerships involve trusted organizations such as Almutlaq Real Estate with whom we can build long-term, profitable, and excellence-driven relations. Almutlaq’s Al Nada Project is strategically-located and thus aligns our commitment to being involved with distinguished projects that adhere to superior quality standards, strategic location and market demand. It also enhances our presence in the Eastern Province of Saudi Arabia which is fast emerging as a lucrative property hub,” said Al-Kadi.
Adbulrahman Abalkhayl, General Manager of Almutlaq Real Estate Co. further commented that AREIC is a privately held real estate investment company and master developer managing properties throughout the Kingdom of Saudi Arabia. Its portfolio comprises mostly medium-to-large scale projects following build-to-suite requirements. The company assists local and foreign companies in broadening their share in retail, commercial, industrial, and other key markets.
Injaz Development Co. has recently achieved multi success milestones, including the Best Real Estate Developer Award for 2013 by the Ministry of Housing. Injaz has further received the Best Residential Developer and Best Mixed-use Waterfront Real Estate Project of 2011 on Al Marina Project. Injaz is specialized in providing comprehensive real estate services and innovative thoughts for the real estate development concept, as the ones materialized in the local and international award-winning Al Marina project.