Bloom Saudi Investment closed on July 24th the subscription to the three-year Bloom Amjal North Real Estate Fund, which aims to develop and market 158 residential villas developed and marketed by Amjal Real Estate Development Company north of Riyadh on five residential blocks with an area of 55,833 m2. At a total estimated cost of SAR 245 million. Engineer Abdullah Al-Rashoud, CEO of Bloom, said that our confidence in the Saudi real estate market is very high in light of the great demand for housing developed by development institutions capable of producing housing that suits the needs of the Saudi family with high quality and affordable prices, stressing his confidence in the capabilities of Amjal, which showed its ability to complete the project on time and at a high level of quality as agreed upon in the Bloom Amjal Jasmine project. He added that the great harmony between the financial and real estate sectors that our country is witnessing as a result of the development of regulations, legislation and procedures related to the two sectors after decades of estrangement between the two sectors will reflect positively on the housing issue in our country in terms of the quantity and type of units and the quality of productive housing units capable of meeting all types of demand for housing, as the financial sector and through the securities formula that is considered a financing and investment tool simultaneously will push many local funds towards this large, important and vital investment channel under high supervisory conditions regarding quality and adherence to schedules For his part, Engineer Saud Al-Qusair, CEO of Amjal Real Estate Company, expressed his happiness for the continued cooperation between »Amjal» and «Bloom» as a positive result of the success of the first experience in the Bloom Amjal Real Estate Fund, which was launched in the summer of 2013, indicating that the Saudi real estate market is heading towards maturity similar to international markets after the organizational developments witnessed in the last ten years in terms of development, marketing and financing systems, stressing that all parties involved in the regulations and their application and monitoring their effectiveness and amendment have become more harmonious and confident to achieve common goals that serve the interests of the country, citizen and development in all its forms. He added: The real estate market is witnessing a growing demand for housing developed by institutional developers who are able to fulfill promises in terms of quality, implementation time, prices and after-sales guarantee, stressing that »Amjal» is working according to a tight strategic plan and effective mechanisms to build high trust and credibility with financiers on the one hand and home buyers on the other, allowing it sustainable annual growth rates that make it in the ranks of distinguished real estate development companies in the Kingdom as a first stage. He explained that the integration of the real estate and financial sectors will reshape the map of housing quality because traditional banks and investment banks financing housing development projects emphasize quality as the main guarantee for the success of the financing process and the achievement of its goals, and therefore puts among its conditions the appointment of an independent engineering consultant who monitors the implementation and quality phase, in addition to requiring an insurance policy for all types of risks, quality certificates, guarantees of good implementation, etc. which ensures the quality of housing production and its reasonable cost and thus the possibility of marketing it at competitive prices.