Al Fozan Holding Company in Saudi Arabia announced the establishment of a joint real estate company with the Kuwaiti company «Al Banani», a public joint stock company, where the new company aims to buy land, build, operate and manage commercial, residential and hotel complexes and tourist resorts.
The Saudi-Kuwaiti alliance revealed that the new company will invest about eight billion riyals (2.1 billion dollars) in the Saudi market in the construction of the projects it is targeting during the next five years, where the company is heading to build and develop four commercial complexes in the first phase in the three main cities of Riyadh, Jeddah and the Eastern Province, with the implementation of projects in other cities at a later stage.
A joint statement issued yesterday by Al Fozan Holding and Kuwaiti Buildings Company confirmed that the new company has completed the purchase of land in the north of the Saudi capital Riyadh with a total area estimated at 390 thousand square meters and a total value of 1.4 billion riyals to implement the first steps of its strategy to establish a commercial, hotel and residential complex.
«The economic growth witnessed by Saudi Arabia, supported by the government of the Custodian of the Two Holy Mosques, has contributed significantly to the commercial movement in the country, while the Kingdom is witnessing population growth that requires the presence of a number of huge service facilities, which opens the opportunity for us to invest in huge commercial centers, which will be developed according to the latest specifications and standards in partnership with one of the leading real estate development sector in the region, Kuwaiti Al-Banai Company, which is the largest real estate company in Kuwait by market value, to be implemented according to the standards and standards of the Kuwaiti real estate sector. »The retail sector is one of the fastest growing sectors, and therefore needs more commercial complexes that match this growth, which prompted the company to enter into a partnership with one of the most important Gulf companies, Kuwait Buildings Company, which owns one of the largest commercial complexes in the world, the Avenues Mall in Kuwait City, in addition to being a public shareholding company listed on the Kuwait Stock Exchange, to benefit from the experiences gained and exchanged between the two companies in the retail sector, as Al Fozan holds shares in United Electronics Company (Xtra) listed on the SGX. He pointed out the importance of the partnership as Alshaya Group is one of the largest retail companies in the Middle East and North Africa, which owns the rights to develop the most famous international brands such as Mothercare, H&M, Starbucks, Boots Pharmacy, Chess Cake Factory and Shake Shack, stressing that the introduction of the malls is expected to add dynamism to the Saudi retail sector, which is one of the largest in the Middle East and North Africa. It will contribute to opening new horizons for the youth of this country and thus contribute to stimulating the growing Saudi economy.« The Avenues Mall, owned and managed by Albanese in Kuwait City, employs approximately 21,000 employees, while the Avenues Mall, owned and managed by Albanese in Kuwait City, employs approximately 21,000 employees. The projects are expected to be implemented over the next five years, as the company targets distinctive locations to build its malls, which are expected to constitute an added value to the mall sector in the country, which is consistent with the needs of the individual in the Kingdom, whose current capacity still does not cover the needs of the average consumer, while the project sites will be linked to vital roads that are easily accessible, in addition to the entry and exit will be smooth according to the design that will be implemented in the shopping center projects.
It is noteworthy that the Kuwaiti company »Buildings« is represented by Mohammed Abdulaziz Alshaya, Chairman of the Board of Directors, who is considered one of the pioneers of the retail sector in the region, where he contributed to the concept of professionalism in the retail sector through the international chain of stores owned by his company, whose branches are distributed throughout the Arab world.
Returning to the talk of the Chairman of Al Fozan Holding Company, who confirmed that the projects are of a mixed-use category, which constitutes an addition to different sectors such as adding hotel rooms through hotels that will be implemented within the location of commercial centers, in addition to the presence of residential units of different sizes and areas, entertainment centers and restaurants, which makes the centers an ideal environment for families and contributes to building a new lifestyle, in addition to buildings dedicated to the office sector, which enhances the concept of comprehensiveness in the projects expected to be implemented.
Al Fouzan stressed that the establishment of the company came according to a long-term strategy that the group is working on to contribute to supporting the national economy and confirming the confidence in the stability of the Saudi investment climate and the incentive to increase the injection of various investments, in addition to it comes within the company's plans to diversify its investments in the Kingdom.
He thanked the Kuwaiti company »Kuwaiti Buildings.« Al-Fouzan said, »The entry of (Buildings) as our partner in establishing the company is an important addition, and we are proud to work with them in this field, and benefit from their expertise in developing mixed-use projects.«(((Middle East))
The Saudi-Kuwaiti alliance revealed that the new company will invest about eight billion riyals (2.1 billion dollars) in the Saudi market in the construction of the projects it is targeting during the next five years, where the company is heading to build and develop four commercial complexes in the first phase in the three main cities of Riyadh, Jeddah and the Eastern Province, with the implementation of projects in other cities at a later stage.
A joint statement issued yesterday by Al Fozan Holding and Kuwaiti Buildings Company confirmed that the new company has completed the purchase of land in the north of the Saudi capital Riyadh with a total area estimated at 390 thousand square meters and a total value of 1.4 billion riyals to implement the first steps of its strategy to establish a commercial, hotel and residential complex.
«The economic growth witnessed by Saudi Arabia, supported by the government of the Custodian of the Two Holy Mosques, has contributed significantly to the commercial movement in the country, while the Kingdom is witnessing population growth that requires the presence of a number of huge service facilities, which opens the opportunity for us to invest in huge commercial centers, which will be developed according to the latest specifications and standards in partnership with one of the leading real estate development sector in the region, Kuwaiti Al-Banai Company, which is the largest real estate company in Kuwait by market value, to be implemented according to the standards and standards of the Kuwaiti real estate sector. »The retail sector is one of the fastest growing sectors, and therefore needs more commercial complexes that match this growth, which prompted the company to enter into a partnership with one of the most important Gulf companies, Kuwait Buildings Company, which owns one of the largest commercial complexes in the world, the Avenues Mall in Kuwait City, in addition to being a public shareholding company listed on the Kuwait Stock Exchange, to benefit from the experiences gained and exchanged between the two companies in the retail sector, as Al Fozan holds shares in United Electronics Company (Xtra) listed on the SGX. He pointed out the importance of the partnership as Alshaya Group is one of the largest retail companies in the Middle East and North Africa, which owns the rights to develop the most famous international brands such as Mothercare, H&M, Starbucks, Boots Pharmacy, Chess Cake Factory and Shake Shack, stressing that the introduction of the malls is expected to add dynamism to the Saudi retail sector, which is one of the largest in the Middle East and North Africa. It will contribute to opening new horizons for the youth of this country and thus contribute to stimulating the growing Saudi economy.« The Avenues Mall, owned and managed by Albanese in Kuwait City, employs approximately 21,000 employees, while the Avenues Mall, owned and managed by Albanese in Kuwait City, employs approximately 21,000 employees. The projects are expected to be implemented over the next five years, as the company targets distinctive locations to build its malls, which are expected to constitute an added value to the mall sector in the country, which is consistent with the needs of the individual in the Kingdom, whose current capacity still does not cover the needs of the average consumer, while the project sites will be linked to vital roads that are easily accessible, in addition to the entry and exit will be smooth according to the design that will be implemented in the shopping center projects.
It is noteworthy that the Kuwaiti company »Buildings« is represented by Mohammed Abdulaziz Alshaya, Chairman of the Board of Directors, who is considered one of the pioneers of the retail sector in the region, where he contributed to the concept of professionalism in the retail sector through the international chain of stores owned by his company, whose branches are distributed throughout the Arab world.
Returning to the talk of the Chairman of Al Fozan Holding Company, who confirmed that the projects are of a mixed-use category, which constitutes an addition to different sectors such as adding hotel rooms through hotels that will be implemented within the location of commercial centers, in addition to the presence of residential units of different sizes and areas, entertainment centers and restaurants, which makes the centers an ideal environment for families and contributes to building a new lifestyle, in addition to buildings dedicated to the office sector, which enhances the concept of comprehensiveness in the projects expected to be implemented.
Al Fouzan stressed that the establishment of the company came according to a long-term strategy that the group is working on to contribute to supporting the national economy and confirming the confidence in the stability of the Saudi investment climate and the incentive to increase the injection of various investments, in addition to it comes within the company's plans to diversify its investments in the Kingdom.
He thanked the Kuwaiti company »Kuwaiti Buildings.« Al-Fouzan said, »The entry of (Buildings) as our partner in establishing the company is an important addition, and we are proud to work with them in this field, and benefit from their expertise in developing mixed-use projects.«(((Middle East))
