Jeddah-based Ewaan Global Residential has awarded the project management contract of its first venture situated in the northern part of Jeddah to Trow, Canada’s leading project management firm.

The signing ceremony was held in Canada and attended by Ewaans CEO Mohammed Saleh Eid and president of Trow Stan Gonsalves.

“We are committed to implement our strategy of joining forces with reputed and high profile international names, such as Trow. The award of this contract to Trow came following in-depth studies to different offers submitted by renowned international project management firms and engineering consultants. We are confident that a company of such caliber will add further value to our SR1.2 billion ($0.32 billion) project situated in the northern part of Jeddah,” said Eid.

This project is an integrated residential city that will offer housing units of different sizes and types to cater to the increasing demand of middle-income groups. The project extends on an area of two million square meters, and will include state of the art amenities. Works on masterplans and design works have already been commenced with construction scheduled for the fourth quarter of the year, said an official spokesman.

“We are delighted to be able to continue to grow our track record with a significant deal with a leading company in the housing sector. We are really thrilled to expand our operation to the Middle East’s largest property market. Trow has over five decades of experience with a network of more than 35 offices spanning across Canada and the US,” said regional manager of Trow Hani Shaheen.

The project is a joint venture of a number of organisations and businessmen, led by the Islamic Corporation for the Development of the private sector, a member of the Islamic Development Bank and Pension Funds, Al Nemou Real Estate Co, and International Investment Bank.

Ewaan Global Residential was recently given the green light by Saudi Arabia's Ministry of Trade and Commerce, to be established as a closed joint-stock company with a paid up capital of SR400 million.

The company will develop mega residential cities in different regions of the kingdom to cater to the growing demands of middle-income users.  – TradeArabia News Service