Ajdal Jeddah

In a significant move towards advancing the real estate sector in Jeddah, Al Enmaa Investment Company, represented by its CEO and Managing Director, Mazen bin Fawaz Baghdadi, and Rawasy Realty Company, represented by Dr. Turki bin Abdullah Al-Yahya, Chairman of the Board of Rawasy, have signed an agreement to develop the Ajdal Jeddah real estate project.

Transforming Raw Land into a Thriving Community

The agreement aims to transform a vast expanse of raw land spanning over one million square meters located in the south of Jeddah into a multi-story residential and commercial development. This ambitious project is set to receive investments totaling 455 million Saudi Riyals, with the primary focus on enhancing the infrastructure of the planned residential and commercial community.

Embracing the Vision 2030 for Saudi Arabia

Mazen bin Fawaz Baghdadi, the CEO and Managing Director of Al Enmaa Investment, expressed his enthusiasm about the signing of the Ajdal Jeddah development agreement with Rawasy Realty. He emphasized the pivotal role of real estate development funds as an investment vehicle that encourages savings and investments while also increasing the supply of developed land through developmental and urban projects in the Makkah region. This project aligns with Saudi Arabia's Vision 2030 for the housing sector by expanding the supply of real estate units.

The Investment Objective

Baghdadi further noted, "The investment objective of the fund is to achieve medium-term capital growth through the development of the land's infrastructure located in the city of Jeddah."

Project Commencement and the Future of Jeddah's Real Estate

Dr. Turki bin Abdullah Al-Yahya mentioned that the development process is expected to commence immediately after the holy month of Ramadan, as soon as the necessary regulatory permits are secured.

Regarding the future of the real estate market, especially in Jeddah, Al-Yahya anticipates a surge in demand due to current efforts in clearing informal settlements, which will lead to increased demand and real estate activity. Additionally, significant attention is being given to large-scale development projects in the region, including the "Downtown Jeddah" project with a total investment of 75 billion Saudi Riyals allocated for the development of 5.7 million square meters, funded by the Public Investment Fund and investors from within and outside Saudi Arabia.

Al Enmaa Investment - A Trusted Name

It's worth noting that Al Enmaa Investment Company is the investment arm of Alinma Bank, licensed by the Capital Market Authority under license number 37-09134 for all securities activities, including trading, custody, management, investment fund operation, arranging, and providing securities advisory services.

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