Amlak, the real estate investment arm and wholly-owned subsidiary of the Social Insurance Organization (SIO), is set to transform existing traditional community markets, better known as “Souqs”, into a modern multi-purpose facility catering to the daily needs of the neighborhood and surrounding communities.
The vision behind the project is to enrich the Kingdom’s communities by strengthening business activities through the development of multi-purpose markets to cater to surrounding residents, starting off with Souq Al Buhair.
The project is in line with Amlak’s strategy to serve the community and raise the standard of living, as well as its commitment to contribute to the Kingdom’s economic growth.
“The aim of this project is to stimulate and revitalize the neighborhood by creating a focal point that centralizes basic services which are accessible, modern, clean and inviting,” said the CEO of Amlak, Mr. Mohamed Abdulelah Alkooheji. “The space will become a place for residents to meet, shop, eat, and run their daily necessities,” he added.
“To accommodate the growing needs and requirements of various neighborhoods, Amlak is committed to upgrade the offerings of markets to be customized and cater to the daily requirements of surrounding residents, kicking off the initiative with Souq Al Buhair,” further added Mr. Alkooheji. “Our aim is to rebuild the existing souqs we have under our portfolio,” he concluded.
The CEO of Amlak praised Southern Governorate Municipal Council Head Ahmed Yousef Al Ansari, for his encouragement and continuous support for such development projects, especially this unique project which focuses on benefiting the community and servicing their immediate needs.
The new layout will focus on bringing pedestrian traffic to the heart of the development with highly accessible and visible retail units, which the existing site currently lacks. The tenants will be able to benefit from a well-designed open space to house community markets and other family friendly uses, while residents of the area will be able to enjoy the unique feature of different open markets.