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Ewaan Global Residential Company holds foundation meeting, unveils SR1.2bn project

Saudi Arabia: Wednesday, December 05 - 2007 @ 11:45

Eng. Mohammed Eid, CEO of Ewaan Global Housing, said that the meeting was chaired by Sheikh Saleh Salem Bin Mahfooz, in the attendance of the founders and commerce ministry representatives.

Those gathered discussed and approved a business agenda composed of the following 5 key points; to guarantee an initial public offering with the available capital, an approval of the main structure of the company, an approval of the expenses needed for the establishment, an approval on the hiring of the first auditor for the company, and the approval on the hiring of the first chairman for the company for the coming five years.

Speaking at the meeting, Eng. Mohammed Eid added that the percentage of attendees exceeded 85% with all of them voting and agreeing on the aforementioned business agenda. Furthermore they approved the following members for the board members, which are: Sheikh Saleh Salem Bin Mahfooz (Chairman); Engineer Aidroos Salem Al Bar (Member); Mr. Khaled Mohammed Al Aboodi (Member); Engineer Abdel Majeed Ahmed Banan (Member); Mr. Abed Abd Al Rab Al Rasool Al Zeera (Member); Mr. Mohammed Hadi Maji (Member); Dr. Fahed Al Husein (Member); Mr. Marwan Abdullah Al Fadel (Member); Mr. Mohammed Ahmed Kaaki (Member); Mr. Bassam Bin Mohammed Rasheed Al Baqawi (Member).

Eng. Mohammed Eid gave a presentation to the attendees about the work that has been so far completed during the startup period, such as the development of the company’s vision and objectives, the choosing of an international firm to structure the company and the choice for its first project based in Jeddah.

He mentioned that the company during its 7-month establishment period conducted an in-depth study on the best place to develop its first scheme.

This initial project has been designed to be a unique residential suburb with complete services, targeting the middle income bracket of home buyers. The company owns an ideal area of land for this project, with the mission to develop it, supervise and sell it, with the goal of providing its future residents with high quality housing at competitive prices, situated in a good location. The project is located in the north of Jeddah, covering an area of 1 million square meters.

Eng. Mohammed Eid said that the cost of the project will be around SR1.2bn, with construction beginning mid 2008, lasting 3 years. He also said that the company will not stop at this project but will eventually announce work on similar mega-developments which will be based in different cities across the Kingdom at a later time.

Eng. Mohammed Eid took time out to give a special thanks to the Islamic Development Bank for hosting the meeting at their premises and thanked all of the founders for their continuous support since the company was established. He also added that the progress of the company will be the result of a number of agreements that the company is willing to enter into and falls under the objectives and scope of work of the firm.

It is worth noting that Ewaan Global Housing is a Saudi company headquartered in Jeddah and has recently received the approval of Saudi Arabia’s Ministry of Trade and Commerce as a closed joint stock company with a paid up capital of SR400m.

It was established as a joint venture of a number of organizations and businessmen, led by the Islamic Corporation for the Development of the Private Sector – a member of the Islamic Development Bank and Pension Funds, and Al Nemou Real Estate Co, and International Investment Bank.

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Wednesday, December 5- 2007 @ 11:45 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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