INJAZ Development Company, a Riyadh-based master developer and investment company, is investing SR5 billion ($1.33 billion) on two major real estate projects Al Marina and Al Gamra in Saudi Arabia. 

Al Marina is a 3.3-million-sq-m mixed-use waterfront development located east of Dammam City while Al Gamra offers nearly 2.6 million sq m of master-developed ready-to-build housing plots. Located north of Riyadh, Al Gamra is a mixed-use development and will offer 2,000 plots divided into four clusters. The first cluster has already been sold while the second is 40 per cent sold, according to Omar Abdullah Al Kadi, Injaz’s managing director.

The project has the licence for low-rise buildings and most of the plots are for residential use. “For the remaining two clusters we will announce at a later stage, around four months from now, as to what we are going to do with them. We are currently studying a couple of options,” he says.

For Al Marina project, the company has got the required licences/approvals and it plans to start infrastructure works next year. Also a mixed-use project, Al Marina will comprise 636 villas and 74 towers. The towers can be residential blocks, offices, hotel or serviced apartments.