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Investment phase in ‘Jowharah’ project commences

Saudi Arabia: Tuesday, September 21 - 2004 @ 13:50

The announcement was made on Saturday, 18th September 2004 at a press briefing held at the Jeddah Hilton, which was attended by prominent businessmen and journalists.

Estimated initial cost of the first stage of the “Jowharah” project is SR 750 million. The site covers 328,500 square meters. The real estate development project is at a prime location at the intersection of Waly Al-Ahd and Prince Majid Streets, Jeddah.

The “Jowharah” project is considered to be the latest real estate investment opportunity to be promoted as a collective partnership in the Kingdom. Creative concepts and strategies are being implemented to develop and activate the project which will adopt new architectural, engineering and environmental concepts.

The project will include business towers, a mega mall, hotel towers and exclusive residential units. In addition, separate commercial/business complexes will surround the exterior perimeter of the site, to form an integrated unit for the utilization of the business sector.

Speaking at the project launch, Mr. Abdulaziz bin Mohammed Al-Mutlaq, CEO of Jowharat Al-Babtain Holding Group outlined the elements invested in the project, describing the many superb features of the development, emphasizing the unique opportunity that will present itself to Jeddah’s influential business community in this outstanding new addition to the real estate sector.

Project Location
The “Jowharah” project covers an area of 328,500 square meters on a prime location at the intersection of Waly Al-Ahd and Prince Majid Streets at the Old Airport district.

Located immediately at King Abdulaziz Square, the project is easily accessible through Prince Majid Street (north / south), Waly Al Ahd Street (East / West) and King Fahd Road (north / south).

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Tuesday, September 21- 2004 @ 13:50 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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