One of the strongest emerging property partnerships in the Middle East, involving Saudi-based Al Shoula Holding Group, UAE-based Tameer Holding, and the Land Company for property development and investment, recently announced the formation of a new property project - Ajmakan - located at Al-Khozama District in Al Riyadh city upon an area of 1.7 million square meters.
With a project value of SR6 billion (US$1.6 billion), Ajmakan will include a complete service commercial area comprised of commercial buildings, villas, palaces, and a five-star hotel complemented with full services; in addition to various facilities and commercial streets ready for entertainment and use.
"Ajmakan", meaning a uniquely beautiful place, refers to finding not only the most elegant place but also the most enticing with regard to the location, planning, design, and investment.
Prince Mishal Bin Abdul Aziz praised the economic and property revolution that the kingdom of Saudi Arabia is witnessing under the leadership of the custodian of the Two Holy Mosques King Abdullah bin Abdul Aziz Al Saud. He stated that this revolution is because of Allah first, then because of the efforts of the custodian of the Two Holy Mosques and his economic initiatives.
In this context, Prince Abdul Aziz Bin Mishal Bin Abdul Aziz, CEO of Al Shoula Holding Group, has praised Tameer Holding and the Land Company for their capabilities, strategic planning, and strong records in the real estate sector, where they possess a mixture of experience, high professionalism, accuracy, design creativity, development, and quality in construction and building.
He added that the reason behind this partnership is to build a long-term strategic partnership, pointing that there will be future projects in different areas in the Kingdom of Saudi Arabia. In addition, extra studies to extend this partnership to neighboring countries that will be announced in the near future.
On the other hand, Engineer Ahmed Bin Solaiman Al Rajhi expressed his pleasure for Tameer Holding and the Land Company for property development and investment to enter into partnership with Al Shoula Holding Group, pointing that the project is uniquely special, and also that it will be the start for larger projects coming with Al Shoula Group. He also praised the way of working and strategies of Al Shoula Holding Group and their advanced thinking, which all its employees have developed under the visionary management of Prince Mishal Bin Abdul Aziz and Prince Abdul Aziz Bin Mishal Bin Abdul Aziz.
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Ajmakan, mega property project in Al Riyadh
- Saudi Arabia: Monday, May 21 - 2007 at 15:21
- PRESS RELEASE
The project was announced in Al Riyadh in the attendance of Prince Mishal Bin Abdul Aziz, and Engineer Ahmed Bin Solaiman Al Rajhi, Chairman of Tameer Holding and the Land Company.
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About Tameer:The journey of Tameer began in 1991. Tameer, a UAE based company, has grown and expanded over the years with the aim of becoming the leading property developer in the region. In 2005, Tameer Holding formed a strategic partnership with Al-Rajhi Investment Group and today the firm's investment portfolio in the realty market totals over AED 150 billion.
Currently, Tameer Holding is developing key projects in UAE, such as AlSalam City in Umm Al Quwain city, and Al Ameera Village in Ajman, with the world's tallest residential tower "Princess Tower", located in Dubai Marina. This was followed by other key projects in Dubai such as the Al Dana 1 & Al Dana 2 projects, Al Shahd Tower on the Emirates Hills, Al Jawzaa in International City, The Regal Tower in Business Bay, The Palace Towers in Dubai Silicon Oasis, Elite Residence in Dubai Marina and Imperial Residence in Jumeirah Village.
In addition to these projects in UAE, Tameer has numerous international developments including the ground breaking Tameer project in Yemen with a mixture of residential & tourism developments, Madeenat Al Majd in Jordan and Al Hanaa City, Tameer's largest project in Libya.
About the Land Company for property development and investment:
The Land Company was established in Qatar in 2003, and has since extended its presence into Jordan, Bahrain, and KSA. The company is currently building 17 residential towers through two attractive models, which are Monako and Tuscan, in the Pearl project in Qatar. The tower includes high quality apartments with a perfect sea view called Porto Arabia in the first phase of the project. The investment value in the Pearl project in Qatar is around QR6.6 billion. In Bahrain, The Land Company is developing the Al Seef project, a unique project that includes a five-star hotel with facilities such as an international-standard spa and high-quality managerial offices. The company is currently developing a number of projects in Jordan, such as Al Ramman (Zarqa) and Al Abdaly and Madinat Al Sharq, the latter of which is considered one of the largest development projects in Jordan. The reason behind Madinat Al Sharq project - which is being constructed on an area of 25,000 donum - is to find a modern construction environment complete with its services and facilities upon the international standards. The investment portfolio of the Land Company for property development and investment reaches today SR30 billion.
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Tel: 009716 599 5161
Mariam Keblawi
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00971 6 573 7018
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Posted by Lara Lynn Golden, News EditorMonday, May 21 - 2007 at 15:21 UAE local time (GMT+4)
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This article was updated on Sat May 26 2007.
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