A RIYADH-based master-developer is currently spearheading the development of two massive areas – one in the capital and the other in Dammam – that it believes are key investment destinations and hold potential for growth.

These include Al Gamra, an integrated development located in the heart of “New Riyadh” covering a total area of 2.59 million sq m, and Al Marina, a 3.3-million-sq-m development strategically located on the Arabian Gulf seafront in the Eastern Province. As masterdeveloper of these two developments, Injaz Development Company is responsible for ensuring a well-developed infrastructure to allow investors and subdevelopers to design and build commercial or residential facilities of their choice.

AL GAMRA

Al Gamra will offer ready-to-build plots for residential and commercial buildings and malls, in four clusters (7, 9, 10 and 3).

Injaz is currently in the process of selling the last cluster of the development, which has proved to be an overwhelming success given the strategic benefits it presents, according to Omar Al Kadi, CEO and managing director of Injaz Development Company, which will provide a well-developed infrastructure of electricity, water, lighting and transport for the project.

“We were the first company to initiate real estate auctions in northern Riyadh last year, after a long absence of auctions in the capital. Last year, we sold the entire Cluster 10 of Al Gamra project comprising around 600 plots,” he says.

Al Gamra is specifically designed to complement the growing investment and housing needs in northern Riyadh. It will have easy access to a network of roads and is located close to a project in northern Riyadh being developed by the High Commission for the Development of Riyadh, as well as some of the key landmarks in the area, such as Imam Muhammad Ibn Saud Islamic University, King Khaled International Airport, King Abdullah Financial District and Princess Nora Bint Abdulrahman University.

It will also offer green spaces and wide sidewalks that meet the latest standards and specifications.

AL MARINA

Meanwhile, Al Marina will feature high-quality lifestyle components and is located close to the three main cities of Dammam, Al Khobar and Dhahran.

Being developed as a major waterfront landmark on the Al Khobar-Dammam coastal corridor, the project is expected to rank among the kingdom’s most sophisticated, multi-use real estate developments.

Al Gamra sales centre.

“We are currently finalising the infrastructure works for Al Marina project and are set to finalise this process within the current year,” Al Kadi says, indicating that the project will feature state-of-the-art networks for electricity, plumbing, and roads as well as landscaping.

Al Marina will have a variety of community plots such as family villas, residential units, commercial towers, schools, mosques, healthcare facilities, shopping centres, hotels, restaurants and other tourist, social, sports and entertainment facilities.

It will also feature a 300,000-sq-m man-made lake built along the new 4-km corniche, which will serve as another major attraction while helping spur the growth of businesses in the area including various restaurants, cafes, retail outlets and other modern facilities.

The project also includes plots for a shopping centre along the seafront, offering a wide selection of local and international brands that cater to both residents and visitors.

ABOUT INJAZ

Injaz Development Company was established in 2006 in Riyadh by private entrepreneurs who have more than two decades of experience in the real estate sector and a deep understanding of the Saudi market.

The company currently operates in northern Riyadh and the Eastern Province and has a number of ongoing and upcoming projects that are designed to play an important role in the growth of these areas that are considered key investment destinations, according to Al Kadi.

Al Kadi says 2012 was extremely fruitful for Injaz as it achieved impressive growth, thanks to its current projects that are strategically located and have excellent infrastructure.

Over the next two years, Injaz will continue to reinforce its status as a preferred master-developer and marketer, leveraging its decades of management experience in the Saudi and GCC real estate market. Moreover, it will soon announce a new project in the Eastern Province, says Al Kadi, without revealing details.

Commenting on the construction sector in the kingdom, Al Kadi says: “Saudi Arabia’s construction sector is witnessing unmatched growth, fuelled by various factors including high government spending, huge demand, and the large number of projects in the pipeline in most sectors that need to be built. Recent studies and reports project the local construction market to maintain its upward trend and achieve a 7.5 per cent real industry growth for 2013 and a healthy annual average growth of 5.9 per cent between 2013 and 2017.”

Construction projects are currently estimated to be worth SR2.35 trillion ($626.75 billion), as per recent studies by industry professionals.

Injaz constantly monitors the real estate sector and keeps track of new trends in the market, in a bid to cater to the market demand and expectations.

“Our target is the middle income segment, which is considered the biggest in the kingdom and is mainly driving the high demand for real estate projects in the country. We are keeping a close eye on the local market and responding with the most appropriate offerings that address the requirements of our target segments,” he concludes.