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Doha: Alijarah Holding Company announced the expansion of its new property project - ‘Al-Rawdah’ in the Saudi market, yesterday. Signing an agreement worth QR55m with Arch.
Radhwan Jamal Aldeen Babili company for Architectural Contracting, the collaboration aims to foster the design and enhancement of residential villas, externally and internally.
The deal was signed and attended by the Chief Executive Officer of Alijarah Holding and its subsidiaries, Hamad Al Jamali and Arch. Radhwan Jamal Aldeen Babili, along with their respective teams.
Speaking to The Peninsula on the sidelines of the partnership event, Hamad Al Jamali, Chief Executive Officer of Alijarah Holding said: “We bought land in Jeddah with over 5000 sq m. Our project is to build almost 10 luxury houses and that will be for sale after 20 months once construction is completed.”
Alijarah Holding established the enterprise, which is owned 100 percent by the company in Saudi Arabia this year, for the expansion of the industry. The executive noted that several other opportunities are "understudying" and will be informed to the market and shareholders, respectively.
In terms of the partnership boost, he remarked that both the companies have branches in Saudi Arabia and the full-fledged team is currently ensuring that the market remains solid.
The QR55m partnership is executed through Alijarah Al Mobtkara AlAqria, which is wholly owned by Alijarah Holding and is anticipated to integrate engineering proficiency with innovative design, aiming to meet the highest standards of quality and aesthetics.
Additionally, the BABILI firm is expected to oversee project management and marketing efforts as the project serves as a pillar of Alijarah Holding’s strategic initiative to expand its footprint across the region, commencing Saudi Arabia.
In a press statement to the media, Al Jamali expressed his optimism about the partnership, highlighting that working with them will facilitate the creation of a project that resonates with the local community’s aspirations and reflects the region’s cultural identity.
He stressed that this deal is a “strategic” shift in strengthening the organisation’s design and construction capabilities, and is assertive that it will produce exceptional results showcasing excellence, innovation, and commitment in the market.
This collaborative project also aligns with Alijarah Holding’s more comprehensive strategy to develop its global realty acquisitions and attract numerous foreign investments into the market. He stated that the Saudi-based Al Mobtkara AlAqria company is a branch of Alijarah property, fully owned by Alijarah Holding in Qatar.
The firm also lauds a resilient portfolio in the real estate sector and flourishing investments, having delivered successfully numerous large-scale projects across the country such as commercial, administrative, residential, and logistics developments, in addition to vital infrastructure projects in Lusail covering one million square meters.
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