Al-Ijarah Holding Company (a Qatari public shareholding company) announced today the start of implementation of its first project in Jeddah, the Kingdom of Saudi Arabia, soon, through the Innovative Al-Ijarah Real Estate Company, the real estate arm wholly owned by Al-Ijarah Holding Company.
The project is located in the Al Rawda neighborhood in Jeddah on a land area of 5,095.5 square meters, while its total investments amount to 55 million Qatari riyals.
The company said in a statement on the Qatar Stock Exchange website that a partnership agreement has been concluded to implement this project with Engineer Radwan Jamal al-Din Bibli Architectural Contracting Company, which specializes in developing mixed-use projects, as it will undertake the design of residential villas internally and externally, in addition to managing and marketing the project. This project is considered a strategic step for Al-Ijarah Holding Company to strengthen its presence in the growing Saudi market.
For his part, Mr. Hamad Al-Jamali, CEO of Al-Ijarah Holding Company, stressed that cooperation with the Saudi side will enable the presentation of an innovative project that meets the aspirations of the local community and reflects the cultural character of the region. He also pointed out that this partnership constitutes a strategic step to enhance the company’s capabilities in the field of real estate investment, expressing He is confident that this cooperation will lead to distinctive results that reflect the company’s commitment to excellence and innovation.
This project comes as part of Al-Ijarah Holding Company’s strategy to expand in the field of real estate investment at the regional level, which enhances its competitiveness in global markets. Work on the project is expected to begin soon and be completed within 20 months, with emphasis on commitment to applying the highest standards of sustainability. and safety during the implementation stages.
On June 13, Al-Ijarah Holding Company announced the establishment of a subsidiary of Al-Ijarah Real Estate Company, its subsidiary, in the Kingdom of Saudi Arabia, which is a Qatari company bearing the name “Innovative Real Estate Leasing”.