Some 1.2 billion Emirati dirhams worth of capital from Emirati investors has been pumped into a six billion dirham housing and commercial project in Mecca, Saudi Arabia, reported the official WAM news agency.
United Arab Emirates (UAE) investors have so far contributed approximately 20 percent of the capital to build the massive project, while it is hoped that eventually up to 40 percent of the financing will be contributed by Emirati investors.
Located on the former site of a 200-year-old fort built by the Ottoman rulers of the western province of Hejaz, the 23,000 square meter area will, in four years time, be home to a 1,350-room hotel, four apartment towers with more than 4,300 apartments, and a 12-story commercial area. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
