RealJUBAIL to Launch in Saudi Arabia

RealCAPITA, the Bahraini real estate investment firm, announced a joint venture to establish Jubail Development Company with a paid-up capital of SR 200 million.

The activities of this company will be primarily focused on housing projects in Jubail City, the largest industrial area in Saudi Arabia.

Jubail Development Company is a joint venture between: RealCAPITA, Dammam Development Company, Saudi Mushtaraka Company, and Saudi Investment House.

´We are delighted today to announce the new partnership, which will contribute to the development of housing units in Jubail City´ said Mr. Mohammed bin Ahmed AlDosari, Chairman of Saudi Mushtaraka Company, and the Managing Director of Dammam Development Company.

´Through this new partnership we offer a project that serves the employees in the industrial zone in Jubail City, where the fastest population growth in Saudi Arabia, especially that it is considered to be one of the most attractive cities for the industry investments as it attracts nearly 50% of the total foreign direct investments (FDI) in the Kingdom, therefore the demand will be increased on the housing units in the coming years´ he added.

´We are very interested in developing the Jubail Industrial City, as we seek for the leading partners in order to achieve our targeted goals in the next few years´ he said.

Analysis concluded that there is a lack of housing units comparing to the number of employees in the industrial area.

´The results of the field study were the main reason for us and the strategic partners to show interest in this area of the Kingdom´ stated Mr. Mohammed AlTawash, Vice Chairman and the President of RealCAPITA.

Jubail City is considered as the Industrial Capital of Saudi Arabia, as it manufactures the petrochemicals into other products and produces 7% of the total petrochemical industries output of the world´ he added.

´In a very short period, RealCAPITA was able to achieve great success with its strategic partners, by exchanging the experience and knowledge, and today we are proud to enter the Saudi market hoping it will add another success story´ Mr. Al Tawash added.

RealCAPITA is a real estate investment firm, established in Bahrain last February, 2006 with a paid-up capital of US$ 54 millions.