ANB Invest launches Jeddah project
Jeddah, September 13, 2011
ANB Invest, the investment arm of Arab National Bank, has announced the start of its Diyar Jeddah Real Estate Fund project's infrastructure work.
'The award of the essential project infrastructure development contracts is a major milestone of the fund investment and project development strategy,' said Diyar Jeddah Real Estate Fund chairman Abdulla Shafeea.
'Both the fund and project management team exerted considerable efforts to award the contracts to highly professional companies, with a proven track record in the development field.
'One other goal was to negotiate fair contracts that guarantee rights of fund investors to ensure professional, high-quality workmanship and execution precision in order for Diyar Jeddah Project to be among exemplary plans and neighbourhoods of Jeddah,' he added.
The project development work covers the execution of roads, pavements, asphalting, lighting, electricity network and external linkage, which were all awarded to reputable, experienced contractors with a proven track record under management of project developer Hamad Ben Mohammed Ben Saedan Real Estate Investment Company.
Al Mubarak Diyar Jeddah Real Estate Development Fund is a SR351 million ($93.6 million) fund under the management of ANB Invest in co-operation with Hamad Ben Mohammed Ben Saedan Real Estate Investment Company.
The fund offering was successfully closed during the second quarter of 2011.-TradeArabia News Service