With projects totaling to 4 million square meters in area Samba Real Estate Fund Starts its Real Estate Projects in the Kingdom
Samba Financial Group announced the inception of the first Investment Projects under its Real Estate Investment Fund (SREF), which was launched early this year, 2007, as the first Real Estate Fund in the Kingdom in cooperation with Omar Al Eisaei Group (a Real Estate Company), which manages and develops the projects under the umbrella of the Real Estate Fund Regulations issued by the Capital Market Authority. All fund transactions are Shariah compliant.
Mr. Eisa Al-Eisa, Samba Managing Director and CEO, said that SREF initial projects include development of several strategic locations in Makkah and Jeddah in the Western Region, at a total area of 4 million square meters, varying from commercial, industrial and residential projects, which will help realizing the Fund objectives of capital appreciation at medium and long terms.
Al Eisa says that the Projects infrastructure development has already commenced by Omar Qasem Al Eisai Group and the other parties who supervise the Fund's execution and management activities. Such Projects include "Rabwat Makkah Project", with an area of 1 million square meters, locating on a high land, minutes away from Haram.
This Project is located in the central of residential neighborhoods and commercial centers such as Al Hijaz Commercial Center, General Housing in Makkah, Rabiat Makkah plan, and Umm Alqura Road, an arterial road leading to Haram. The Project objective is to construct a distinguished residential plan with all services and facilities that provide for the architectural distinction and excellent investment advantages.
In Jeddah, 4 SREF projects have started, says al-Eisa. These are "the South Land Project", with a total area of 1 million square meters, locating South of Jeddah close to King Faisal Street, which is the main road connecting south of Jeddah and the South Corniche with the City center. This Project is highly attractive to investors as it is located near several existing vital developments.
The second Jeddah Project is "Zahrat Almanar Plan", over an area of 200,000 square meters at Almanar district, east of Alharameen Road, connected with a net of highways and bridges, close to Breman Bridge, Alharameen Road, the Road of Huda Alsham, Aramco and king Abdulaziz Airport, and adjacent to several populated and distinguished neighborhoods. Execution of Plan utility networks and infrastructure as well as public gardens, mosques and parking have already started.
Another development in Jeddah is the 1 million square meter "Jeddah Industrial Area Project", locating between the Corniche Street and Allaith Road south of Jeddah, close to some of the biggest factories and investment and economical projects. This Project will be developed to accommodate industrial projects and warehouses.
The forth Development in Jeddah is "Alnakheel Warehouses Project", with an area of 1 million square meters approximately, locating directly at King Faisal street and It complies with the approved multi-story buildings system (10 stories). The Project enjoys a distinguished strategic location due to its proximity from vital services areas and plenty of industrial and commercial developments, thus generating high demand from investors on land plots in the area.
El Eisa confirmed that all SREF projects enjoy high investment attractiveness and feasibility with great potential to boost the fund's investments and returns. "these projects fall under a total investment strategy aiming at developing a number of promising real estate projects in other Kingdom areas which will be announced soon.
Samba has Launched its Real Estate Investment Fund in cooperation with Omar Q. Aleisaei Group that specializes in real estate investments and development. SREF is an investment channel provided by Samba to its clients to grow their savings and investments in the medium and long run through investing in the fund assets, which principally covers acquiring and developing residential, commercial and investment lands, acquiring and developing existing buildings, investing in equities of listed real estate companies, and investing in private equities of Saudi Real estate companies before going public.