Al-Khateeb: Rate of Foreign tourists coming for recreational purposes soars 600% in 5 years    Saudi Arabia participates in OIC anti-corruption agencies' meeting in Qatar    Saudi Arabia implements over 800 reforms to drive rapid transformation    Al-Jadaan: Painful decisions were part of the reforms, but economy overcame them    Al-Swaha: Saudi Arabia is heading towards exporting technology in the next phase    Israel-Hezbollah ceasefire appears to hold as Lebanese begin streaming back to their homes    Al Rajhi: Saudi Arabia sets revised unemployment target of 5% by 2030 "300,000 citizens employed in qualitative professions"    Imran Khan supporters call off protest after crackdown    Five survivors found day after Red Sea tourist boat sinking    Russia launched a record number of almost 200 drones toward Ukraine    Al Hilal advances to AFC Champions League knockout stage despite 1-1 draw with Al Sadd    Saudi Arabia unveils updates on Expo 2030 Riyadh master plan at 175th BIE General Assembly Riyadh Expo Development Company established to oversee strategic planning, operations, and legacy development    Saudi FM attends Quadripartite meeting on Sudan in Italy    Best-selling novelist Barbara Taylor Bradford dies    Cristiano Ronaldo's double powers Al Nassr to 3-1 win over Al Gharafa in AFC Champions League    Al Ahli edges Al Ain 2-1, bolsters perfect start in AFC Champions League Elite    Most decorated Australian Olympian McKeon retires    Adele doesn't know when she'll perform again after tearful Vegas goodbye    'Pregnant' for 15 months: Inside the 'miracle' pregnancy scam    Do cigarettes belong in a museum?    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Urban development projects in northern Riyadh to shelter 700,000 people by 2030
Published in The Saudi Gazette on 23 - 10 - 2012

RIYADH — Real estate investments in northern Riyadh are expected to grow stronger in line with the increasing focus across the region on residential and urban development, according to a recent report released by Injaz Development Co. The promising investment outlook coincides with the newly enacted Saudi Real Estate Mortgage Law, which has been introduced to provide funding for urban development projects across Saudi Arabia and ultimately boost the Saudi economy.
The report has emphasized the importance of the real estate mortgage law in sustaining the long-term urban development initiatives being undertaken in Northern Riyadh and across the country, particularly in light of higher growth rates being observed in the real estate industry. Industry analysts have further pointed out that the real estate mortgage system will serve as a pillar for strategic public private partnerships (PPP) in the country. PPP has been recognized as a driving force behind the growing number of residential and urban development projects across the country, which are vital to address the burgeoning demand for residential property, particularly with respect to the Kingdom's fast-growing population of which 60 per cent are youth.
The report further pointed out that real estate development activities have achieved positive growth overall across the country, with northern Riyadh's real estate sector growing by 43.42 percent, based on Jones Lang LaSalle's Riyadh Real Estate Market Performance Index Q2 2012, triggering radical changes in its urban and real estate landscape.
The High Commission for the Development of Arriyadh (HCDA), on the other hand, has announced major developments in northern Riyadh following the completion of several key infrastructure projects, including road networks, residential facilities and hospitality developments. Some of the latest projects that have been undertaken in northern Riyadh include the Prince Sultan Bin Abdulaziz Humanitarian City and the 3.2 square kilometer Prince Salman Park in Banban.
As part of its commitment to promote northern Riyadh as one of the most attractive investment destinations worldwide, Injaz Development Co. has been actively involved in projects that complement ongoing efforts to achieve a well-balanced, sustainable urban development.
The Riyadh-based master developer and property investment firm has launched a number of projects that support the urban development strategy being implemented in northern Riyadh. The urban development projects in the region ultimately aim to accommodate the needs of its rapidly growing population, which is expected to reach over 700,000 by 2030. Moreover, it will create more job opportunities for residents and generate greater economic contributions from the private sector.
Taking advantage of the favorable market conditions in northern Riyadh, Injaz has revealed plans to launch new projects in the region, including Al Gamra 10, one of the four blocks in Al Gamra Project – a 2.5 million sqm project with a strategic location in northern Riyadh. With 403 land plots spread over a total area of 566,000 sqm, Al Gamra 10 is an integrated project offering ready-made residential, commercial and investment building blocks that are specifically designed to meet the needs of residents and businesses. The project will include infrastructure for electricity, water, lighting and road networks, making it an ideal residential destination in the region.
Omar Al-Kadi, CEO and Managing Director, Injaz Development Co., said: “The real estate boom in Saudi Arabia is mainly driven by the newly introduced Real Estate Mortgage system, which is part of a five-point system to generate real estate funding in the country. The favorable market outlook as well as several other influential factors will stimulate urban development in northern Riyadh, particularly in the development of high-quality residential properties of varying sizes. Moreover, we can also expect the rapid development of other key amenities, including service centers, integrated services, modern road networks and interactive public transportation systems.”
“We expect a continued flow of investments for urban development across northern Riyadh in the foreseeable future to meet the demands of the region's growing population. The development of a central road network within Northern Riyadh, along with a number of other vital projects, including the King Abdullah Financial District and the Princess Nora Bint Abdul Rahman University, will help reinforce the reputation of Riyadh as a first-class investment destination. In this regard, the Al Gamra 10 project is being undertaken to complement the government's urban development plans, as it will serve as a tool to generate more investments in northern Riyadh,” Al-Kadi added. – SG


Clic here to read the story from its source.