Injaz to market Dammam residential project

31/12/2013 13:58 AST

Riyadh-based Injaz Development has signed an agreement with Almutlaq Real Estate (AREIC), part of Almutlaq Group, to promote the latter’s residential project in Dammam.

The 92,531 sq m Al Nada Project is located in a fully constructed luxurious residential area that enjoys a network of wide streets reaching 30 meters in width in addition to transportation, lighting, electricity and sanitation among others.

The agreement was signed by Tareq Almutlaq, chairman of AREIC and Omar Al-Kadi, CEO and managing director of Injaz. Under the terms of the partnership, Injaz will handle sales and marketing management for AREIC’s residential development.

The Al Nada Project will help boost visibility for Injaz’s own portfolio in the Eastern region which currently includes the 3.3 million sq m Al Marina seafront development linking the cities of Al Khobar and Dammam and the 2.5 million sq m mixed-use Al Gamra project located at the heart of the ‘New Riyadh.’

“Injaz ensures that its partnerships involve trusted organizations such as Almutlaq Real Estate with whom we can build long-term, profitable, and excellence-driven relations,” said Al-Kadi.

“Almutlaq’s Al Nada Project is strategically-located and thus aligns our commitment to being involved with distinguished projects that adhere to superior quality standards, strategic location and market demand. It also enhances our presence in the Eastern Province of Saudi Arabia which is fast emerging as a lucrative property hub.”

Adbulrahman Abalkhayl, general manager of Almutlaq Real Estate said that AREIC is a privately held real estate investment company and master developer managing properties throughout Saudi Arabia.

Its portfolio comprises mostly medium-to-large scale projects following build-to-suite requirements. The company assists local and foreign companies in broadening their share in retail, commercial, industrial, and other key markets.

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