Khalid Ali Alturki & Sons (Alturki Group), a leading industrial conglomerate in Saudi Arabia, has announced commencement of the development of its new property in Al-Khobar, Saudi Arabia. Alturki Business Park, a high-end integrated office complex, will cover 8,600 square meters and will incorporate next-generation design and technical elements. The project is set to open mid-2010. The centerpiece of Alturki Business Park will be “The Tower”, a 14-storey ultra-modern high-rise with total space of 31,000 square meters and a range of facilities, including a high-tech building management system, auditorium, seminar halls, gym, restaurant and prayer area. In addition, there will be 2 underground parking levels to accommodate up to 370 cars in addition to attractive office spaces targeting high-profile, large-scale businesses. For smaller dynamic enterprises, Alturki Business Park offers “The Lofts”, which are 10 three-storey buildings with spacious, 345 square-meter units that allow for flexible office planning-including urban open-plan environments. “This property is an expression of Alturki Group's passion for professionalism and timeless elegance. Over the last 30 years, we have contributed to many aspects of the Kingdom's infrastructure, and we are delighted to apply our expertise and vision to this unique architectural statement. We aspire to position Alturki Business Park as the premier center for dynamic businesses in the Eastern Province of the Kingdom.” Rami Khalid Alturki, president, Alturki Group, said. Tariq Hajj, principal, Tariq Hajj Architects, and project designer in association with PEI partnership architects from New York, said “we worked very hard to look for the right balance of comfort, style and efficiency for this project, and I think we found it. The interior design of the buildings, for instance, allows tenants to custom-design their own office space, while passive shading systems on the facade will minimize dependence on the mechanical cooling system. This building will be a true Landmark.” Issam Kronfol, CEO, Al-Saad General Contracting (main contractor), added that “Alturki Business Park is a very ambitious project, a true example of forward-looking architectural creativity. It perfectly combines function and style, tradition and innovation.”Balubaid honors fleet JEDDAH – Balubaid Automotives, one of General Motors' dealers in the Kingdom, held a ceremony for its fleet in Jeddah's Laylati hall, attended by Sheikh Ahmed Balubaid, company's vice president, and Sheikh Khaled Omar Balubaid, deputy chief executive officer of the Balubaid Group, as well as a host of fleets and General Motors' representatives. The ceremony was in honor of Balubaid Automotive's fleets for their continuing support for all the outstanding products and services Balubaid offers to them in all its departments, and their nonstop contributions to the company's achievements and successes during an outstanding 2007. “The achievements the company had pulled off last year - some of which might have seemed impossible at the time, such as the Chairman Challenge award, which involves selling a preset record number of vehicles and provide outstanding services for their fleets - could not have been possible without the support of our clients,” said Khawaja Siddique, executive director of Balubaid Automotives. “The company has managed to garner the Chairman Challenge award for the fourth consecutive year. The company's gross sales of vehicles has risen by a whopping 44 percent and fleet sales of 144 percent in 2007 compared to 2006, the highest growth rate ever in the Kingdom and the Middle East. Shares in General Motors' sales in the Kingdom rise by 14.3 percent in 2006, compared to an increase of 9.4 percent in 2006,” “Balubaid Automotive will open two new branches in Jeddah this year,” he added. Ritz-Carlton Residences DUBAI – Sheikh Tariq Bin Faisal Al-Qassimi, chairman of Emirates Investments' Group, gave his patronage to the launch of an invitation-only road show promoting the Ritz-Carlton Residences, Singapore in Dubai this week, accompanied by Prince Mish'al Bin Abdul Aziz Al-Saud, chairman of Al-Shoula Holding Group, and Prince Abdul Aziz Bin Mish'al Bin Abdul Aziz Al-Saud, the Group's chief executive officer. Under development by Hayden Properties, a joint venture between KOP Capital and Emirates Tarian Capital, a unit of Emirates Investments Group, the luxurious 36-storey, 58 unit Ritz-Carlton Residences will be built in the exclusive Cairnhill neighborhood in Singapore, and will be managed by the Ritz-Carlton Hotel Company. Al-Qassimi said Singapore's investment environment was increasingly attractive to GCC investors, providing a means for diversifying real estate investment portfolios beyond traditional frontiers for individual and institutional investors. “The Ritz-Carlton Residences have been confirmed as one of the most exclusive residential developments in Singapore today, and the Ritz-Carlton Hotel Company now sees this unique project as the finest one to bear the Ritz-Carlton name to date,” he stated. Kunalan Sivapuniam, managing director and partner at Emirates Tarian Capital, said at the press conference, that the “ Ritz-Carlton Residences in Singapore will bring unprecedented levels of comfort and luxury for those who need to hand over the little details to someone else.” The amenities would come in apartments of generous sizes, beginning at around 2,800 sq ft for 3-bedroom units, and going up to nearly 3,500 sq ft for 4-bedroom condominiums. It will also feature two penthouses at approximately 6,500 sq ft. __
