Saudi-based developer, Jiwar Real Estate Management, Marketing & Development has finalised the sale of its Al Makam Tower to a group of investors from Kuwait and Saudi Arabia in a deal worth Saudi Riyal (SR) 2.2 billion. The deal was announced at the fifth edition of Cityscape Dubai 2006, the three-day international property investment and development event that held this week at Dubai World Trade Centre.
Al Makam Tower is one of the seven towers of the prestigious SR 6 billion Abraj Al Bayt project (King Abdul Aziz Endowment Project), being built close to the pilgrimage centre of Al Haram in the kingdom’s Holy City of Makkah. The other towers are Al Marwah, Zamzam Tower, Al Safa Tower, Hajar Tower, Sarah Tower and the Hotel Tower. Jiwar is the exclusive agent for the project in Makkah.
Jiwar, an affiliate of Saudi’s prominent Bin Laden Group, is showcasing the Abraj Al Bayt project along with several other real estate projects it is developing in Saudi Arabia at Cityscape Dubai 2006. Spread across a 1.5 million square metre area, Abraj Al Bayt’s seven towers will be 27 floors to 45 floors tall and will offer a total of 10,000 residential units.
The project also features a massive 70,000 square metre shopping mall targeting the millions of Muslim pilgrims that throng the holy city; a car parking facility that will accommodate 1500 vehicles; and a mosque that will hold 25,000 worshippers, with a special section for women.
Dr Saleh Bin Abdullah Al Habib, CEO, Jiwar Real Estate Management, Marketing & Development said: “We are delighted to be exhibiting at Cityscape Dubai 2006, which is one of the most important industry events that brings together real estate developers, promoters, investors and financial services providers.”
“Cityscape Dubai 2006 offers Jiwar a great opportunity to effectively promote the company as an industry leader in Saudi Arabia and the Gulf region. The exhibition allows us to generate healthy sales leads and showcase the high quality of work and unique architectural design of the seven towers before an audience of international and regional investors,” he added.
Reflecting Islamic traditions, the 45-storeyed Al Makam Tower comprises 1600 residential units, features a helipad and is located along the pilgrims’ path.
Jiwar has already handed over 1250 residential units in the Al Marwah Tower, which mostly overlooks the Holy Kaaba, the most sacred place for Muslims, and the surrounding Al Masjid Al Haram (the Sacred Mosque).
The 44-storey Hajar Tower occupies a 2795 square meter area and offers a four-star hotel with 1260 rooms in addition to 1364 residential units with panoramic views of the Holy Kaaba and Al Masjid Al Haram. The Hajar Tower was earlier sold to Kuwaiti and Saudi investors in a deal worth SR 1.5 billion. Built in an architectural style that combines modern design with Islamic traditions, the Hajar Tower will also feature facilities such as restaurants, coffee shops, business centres and ballrooms.
“We expect good response to our projects at Cityscape 2006. The event will enable us to network effectively with industry contacts and help us to forge important business partnerships. We also plan to announce new projects that we will be launching shortly in Saudi Arabia,” Dr Al Habib added.
