Eng. Mohammed Saleh Eid, CEO of the company said that the company was established as a joint venture of a number of organizations and businessmen, led by 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, with a paid up capital of SR400m.
Eid added that the company will focus on housing sector by catering to the demands of middle income groups and providing integrated residential complexes that include all the facilities.
He added that the company will convene its constituent assembly next week, to draft the agenda, approve the board of directors, and appoint an auditing provider. The assembly will be attended by the founders or their nominees.
The company’s initial project will be a residential development in Jeddah, set to be announced by the beginning of next year.
Tuesday, November 27- 2007 @ 13:31 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.