Wednesday, September 10, 2014

Saudis Will Invest Big At Cityscape Global

A leading Saudi investment and development company makes Cityscape Global debut ahead of US $480million REIT announcement as it looks to partner up on local and regional real estate portfolio development including substantial land bank opportunities

Riyadh-headquartered investment and development company, Al Ibrahim Investment Group, will participate as a first-time exhibitor at Cityscape Global 2014 with an SAR 5billion Ryal (US $1,333million) investment purse and the goal of developing long-term strategic partnerships to grow its real estate portfolio.

Owned by Sheikh Abdul Aziz Bin Ibrahim Al Ibrahim, Chairman of the Group, the group already has a healthy portfolio of active regional real estate projects plus a substantial land bank that includes a prime site in Egypt.

According to Fahad bin Abdul Aziz Al Ibrahim, Vice Chairman of Al Ibrahim Investment Group, the company is looking at various asset class opportunities from residential and commercial projects to hotels and other specialty sectors.

“We already work with an astute group of international investors from across the Kingdom as well as Egypt, Tunisia, France, Germany and the UK, and our future vision is to set up a series of investment funds encompassing both domestic and international projects, in alliance with equally visionary partners across a variety of industry sectors,” he said.

Al Anwa for Investment & Real Estate Development, the company’s real estate arm, will reveal details of its latest real estate investment trust (REIT) at Cityscape Global, which will be one of the largest private REITs in the KSA valued at SAR 1.8billion (US $480million).

With an established track record in the GCC real estate sector including the establishment of REITs, residential project development and tourism and trade-related endeavors, Al Ibrahim is also keen to ensure that its projects deliver in terms of adding value to the communities where they are located and the local economy.

“If we use Saudi Arabia as an example where, as an investor, developer and landlord, we already own projects in strategic locations including Riyadh, Mecca and Jeddah province, it is a fundamental part of our mandate that we provide strong returns on investment for our partners as well as benefit the local community and economy,” he said.

The Al Ibrahim Investment Group umbrella also includes the Saudi Egyptian Company for Tourism Development, which owns some of Cairo’s most prominent hotels including the Grand Hyatt, plus an exclusive River Nile location (investment lands) and a number of plots in Cairo and at Hurghada on the Red Sea coast.

It also owns and operates two luxury hotels in the popular Tunisian resort of Sousse, through its Saudi Tunisian Investment and Development company subsidiary, as well as ownership of a 100,000-square meter plot of prime coastal land that is ready for development as a signature mixed-use residential-meets-tourism project.

“At the moment we are preparing for the imminent launch of a number of schemes focusing on quality and added-value services for our projects and existing developments in the Central Region of the Kingdom, which will contribute to maintaining a balance between supply and demand, and meet the needs and desires of the market,” said Salman bin Abdullah bin Fadilah, General Manager, Al Anwa.

He also noted that the company intends to launch a new investment project located on the King’s Road in Jeddah in addition to an integrated services residential scheme in the north of the province. Al Anwa has also started work on a preliminary study and design concept for an ‘under-wraps’ project for the Jeddah Corniche.

Cityscape Global will take place September 21-23 at the Dubai World Trade Center.

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