Al-MASARAT Holding Company for Investment and Real Estate Development announced the adoption of a new operational approach to implement and execute a construction plan of one of the most prominent projects in Jeddah (Diamond Tower), the unique landmark for years to come that overlooking the red sea.
The new approach is being designed to get advantage of the new joint agreement that Al-MASARAT has signed with the Hungarian Company OBUDA that aiming to achieve the best globally acknowledged standards and construction plans to manage the largest, most demanding project for quality and perfection that the cost of the project is estimated at SAR1 billion.
The new agreement comes within the context of a work plan which the company has established to meet the Diamond Tower requirements. The plan calls for a timeline that coincides with the various phases of the construction at high efficiency and competency in managing the project’s expenses.
Architect Rayan AbdulJabbar, Business development Manager of Al-MASARAT Holding pointed out that the company shall utilize its long experience in real estate development along with its ability to form qualitative partnerships with enterprises specializing in real estate development and project management at the gulf and Middle East level. It seeks to employ a work methodology that is capable of managing the structural challenges imposed by the tower’s design internally and externally, which requires special innovative construction expertise with high readiness to overcome difficulties of the execution of the various phases of the construction in line with the time schedule and budget of the project.
AbdulJabbar underlined that the new partnership shall bring about exceptional expertise, capabilities and innovative methods to manage the project, thus forming a reference to the local real estate sector. He expressed his confidence with the OBUDA capabilities whose experience is connected with the most important construction projects seen in the area during the past few years. It has taken part in managing the Dubai International Airport Project. It also has a record in projects in Germany, as well as other European countries.
Abdul Jabbar valued congratulation of HRH Prince Migrin bin Abdulaziz Al Saud Crown Prince to the Crown Prince, the Second Premier for the agreement and for his honoring the signing ceremony which was conducted during the Arabic-Hungarian Business Forum held recently in Riyadh. The ceremony was also attended by the Hungarian premier. Abdul Jabbar affirmed that the Saudi-Hungarian economic relations have witnessed positive growth during the past few years. Reports indicate that the trade exchange between the two countries has increased by about 50% during the past four years. With the anticipated increase of trade and investment opportunities, the business turnover between the two countries is expected to reach USA$ 1 trillion during the coming decade.
Upon completion, the Al-Masa Tower shall be the highest of its kind in Jeddah rising by 93 floors, i.e. approximately 330 meters. It shall be unique for its innovative outside design which adds an exceptional monument to the Jeddah shores with pride-deserving Saudi competencies and talents.
Wednesday, April 30- 2014 @ 16:27 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.