JEDDAH: Injaz Development Company, the Riyadh-based master developer and property investment firm, said a growing number of Kuwaiti investors are now taking advantage of Saudi Arabia’s ongoing real estate boom.
Injaz confirmed the high level of interest from Kuwait following its successful participation at the recently concluded Cityscape Global in Dubai, where Kuwaiti investors accounted for a large percentage of customers who visited Injaz’s stand.
Injaz, which was the only company representing Saudi Arabia at Cityscape, showcased its Al Marina and Al Gamra projects at the global real estate networking event, providing investors exclusive investment packages to major development projects underway in Saudi Arabia.
Following the Cityscape exhibition, Injaz also noted that the number of existing and potential investors continues to outstrip real estate supply, a trend that has sustained the high level of demand for investable real estate assets in Saudi Arabia.
“The strong response from Kuwaiti investors during our showcase at Cityscape Global in Dubai confirms an emerging pattern of Kuwaitis expanding their investment activities into Saudi Arabia. This is not at all surprising as industry analysts have long predicted Saudi Arabia to be one of the major growth catalysts in the MENA region’s real estate investment landscape, driven mainly by aggressive real estate investment initiatives undertaken all over the country,” said Omar Al Kadi, president and managing director, Injaz Development Company.
“Recent surveys likewise confirm the positive outlook of the Saudi market with investors collectively manifesting their confidence of strong gains within the next several months. Moreover, I believe that it makes a lot of sense for Kuwaitis and other investors from neighboring countries to invest in Saudi Arabia because of the proximity factor, which gives them quick access to their investment assets and allows them to easily monitor major developments in the Saudi market,” Al Kadi added.
Injaz noted that Al Marina and Al Gamra have already attracted strong interest from regional and international investors.
Al Marina is an upcoming 3.3 million sqm mixed-use seafront development located east of Dammam City. Destined to become the focal point for tourism, entertainment and commercial activity in the Eastern region, the project is strategically located and designed as a thriving up-scale community for the Kingdom and neighboring countries, and targeting primarily the Eastern Region population and subsequently the Central region population.
Al Gamra is a 2.5 million sqm residential plots complex being built in Northern Riyadh, between the north highway and King Fahad Road toward the north on Abu Bakr Al Seddig Road. The project is located close to key destinations and landmarks in Riyadh, including King Khalid Airport, Princess Noura University, Al Imam University, SABIC and Security Special Force.
Injaz has been providing total solutions for the local and regional property sectors since 2006. The company’s services cover real estate investments, internal and third-party project development, property marketing, and sales support such as bank financing.
– Saudi Gazette