Dammam real estate draws $26bn investments
Riyadh, February 3, 2014
The real estate market in the Eastern Province of Saudi Arabia, particularly its capital, Dammam, is set for solid growth and expansion with the investors pumping in more than SR100 billion ($26.6 billion) into the market, said a report.
During the last couple of years, investment in real estate sector in the province has exceeded SR100 billion while the annual demand for residential accommodation is approximately 60,000 units, according to an internal report released by real estate firm Injaz Development Company.
Western Dammam has witnessed major construction activities as a natural residential expansion area, with a host of projects under construction along with recently announced development plans in this part of the city.
These highlight the importance of Al Nada project scheme and the strategic co-operative agreement Injaz has signed with Almutlaq Real Estate company (AREIC), a part of Almutlaq Group, to handle the development’s sales and marketing management.
Spread across 120,000 sq m, the Al Nada project is strategically located at the Riyadh-Jubail Road and Abu Bakr Al Siddiq Street intersection to the west of Al Faisaliya District.
It is a fully constructed residential area that boasts of basic services in addition to a well-developed infrastructure, including a wide network of streets, well-connected transportation system, lighting, electricity and sanitation, among others. The Al Nada project scheme offers one of the finest real estate and construction opportunities arising from Saudi Arabia’s largest province, the study said.
Al Nada project scheme is set to launch a special sales promotion in middle of this month to address the wide interest marked from real estate specialists and potential customers within the area.
Commenting on the study, Injaz CEO and managing director Omar Al-Kadi said: “The Eastern Province is a very active and attractive real estate investment destination, with Dammam in particular offering tremendous potential. The major investments and projects in the area in addition to its advantageous location, makes west Dammam an ideal destination for residential projects."
"We are confident that Al Nada, which is designed to cater to the diverse tastes and requirements of its target residents, will satisfy growing demand and match the Kingdom’s vision for real estate development," he noted.
Injaz received the Best Real Estate Developer Award for 2013 from the Ministry of Housing. It was named the Best Residential Developer for 2011 and honoured for the Best Mixed-Use Waterfront Real Estate in the same year for its Al Marina project.
Injaz specializes in providing comprehensive services and innovative concepts for real estate development reflected by its locally and internationally award-winning Al Marina Project.-TradeArabia News Service