photo credit: ST33VOA developer has announced plans to build the first residential units for an investment property project in one of Saudi Arabia’s most up-and-coming cities.
Beyoot Al Ruwaad has sealed a deal with project marketers Rikaz Properties to build new homes at the Al Rawda development in Al Jubail.
The company said it plans to sell on the new properties after completion, creating investment opportunities.
Al Jubail is on Saudi Arabia’s eastern Persian Gulf coast and is undergoing an industrial expansion after the government earmarked it as a growth area.
Abdulmohsen Al Gahtan, vice president of Rikaz Properties, said:
“Beyoot Al Ruwad’s decision to launch a residential project in the eastern region in Al Jubail is an important indication of the investment potential of the Al Rawda development and Al Jubail.”
Rikaz Properties recently finished infrastructure works at Al Rawda and began selling sections to developers.
Al Jubail, seen as the kingdom’s industrial hub and is home to petrochemical and steel companies.
Mr Al Gahtani has previously said the area has a “promising real estate market” due to soaring demand for residential units as the city expands.
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