Saudi Arabian company Alshoula is looking to break into the Middle East real estate construction market through a newly-founded development arm. The firm has set up a £2.7 billion property organisation named Al-Arabia Holding, set to focus on the Middle East and North Africa, according to Reuters.
Based in Dubai, the company will be 80 per cent owned by the family busiess in Riyadh with the rest held by private investors. The first project produced by the new company looks set to be a residential community in Cairo, Egypt.
Alshoula was founded in 1970 with interests in real estate and has recently specialised in projects in Saudi Arabia and throughout the Gulf. In Jeddah, the group is involved in three landmark projects with an accumulated value of more than £7 billion called Jeddah Hills, Jeddah Towers, and the Alshoula Hotel.
Its Cairo project is to feature a modern family development combining Arab heritage with the flair of the Mediterranean.
Quoted by Foreign Affairs.org, Alshoula boss Prince Mishal bin Abdulaziz said of the project:
“With the launching of these gigantic multimillion-dollar projects, Alshoula will enter history as one of the pioneers of the 21st-century developers of breathtaking, world-famous architectural icons.”
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