$60m drainage contracts signed

Contracts for sanitary drainage projects worth SR226 million ($60 million) were signed recently by Prince Abdul Majeed bin Abdul Aziz, governor of the Makkah Region, and chairman of the board of directors of the water and sanitary drainage department.

The projects to be executed include a 7,200-m-long main drainage pipeline extending from Tahlia Street to the main pumping station in north Jeddah.

They also include the supply of pipes of 2,200 mm in diameter and a total length of 27,000 m to carry sewage water from the pumping station to the treatment plant in north Jeddah, a report said.

Under the same contracts, a number of sanitary drainage systems will be established in south Jeddah districts and drainage lines will be improved in downtown Jeddah.

Prince Abdul Majeed also signed a contract worth SR7 million for engineering consultancy and supervision services for drainage projects in Makkah, the director general of the water and drainage department Dr Abdul Fattah Fuad said.

Investors sought for mega-project

Makkah: Institutional and private investors are being sought for a mega commercial and residential project planned near the Holy Haram Zone of Makkah.

The King Abdul Aziz Development Project, which is developing the property, is currently working out the size of the required investment.

Work has not yet started on the project, but real estate sources say one square foot could be fixed at around SR5,000 ($1,333).

The developed area will have a 1,468-room hotel involving a built-up area of 105,978 sq m, shops occupying 49,235 sq m over five floors, four residential towers of up to 35 floors with 4,235 residential units covering a total built-up area of 233,155 sq m with 104 elevators.

There will be extensive development with subways, tunnels and electric substations. Space is available on 100-year leases.

October date for SaudiBuild

Riyadh: SaudiBuild 2002, the 14th international building, construction technology and building materials show, will be held in Riyadh from October 13to 17.

The exhibition will be held concurrently with Saudi Stone 2002, the 5th international exhibition for stone, marble and granite.

Both the exhibitions will take place at the Riyadh Exhibition Centre.

More information on the expo is available at www.recexpo.com.

Al Baraka launches Riyadh fund

Riyadh: Al Baraka Investment and Development Company, the financial arm of the Dallah AlBaraka Group, is joining forces with a local real estate firm to launch a fund that will invest in a huge development near Riyadh.

The Riyadh Real Estate Development Fund, which is being set up with Shaikh Hamad bin Mohammed Zaidan Group of Companies, is based on Shariah rules, a local report said.

Dallah Al Barakah chief executive Dr Saleh J Malaikah said the fund, which has a capital of SR150 million ($40 million), would be invested in a plot of land measuring 855,235 sq m to the east of Riyadh. The plot would be developed with all the latest infrastructure, services, and facilities, he said.

The first stage of the project is expected to be completed within three years' time.

The fund will allow investors to re-sell their shares after the first year at the prevailing market price. Part of the capital and profits will be distributed after the second year, he said.

The Mohammed Zaidan group specialises in land development in Riyadh.

UAE investors in Makkah project

Dubai: UAE-based investors have contributed Dh1.2 billion ($326.75 million) for the Dh6 billion housing and commercial project in Makkah.

The massive project is being built on the former site of a 200-year-old fort built by the Ottoman rulers of the western province of Hejaz, a UAE report said.

UAE investors have contributed about 20 per cent of the capital to build the project, it was announced at the opening of the Investment and Property Show in Dubai.

The management of the project aims to get about 40 per cent of the capital from the UAE, said Dr Saleh Al Habib, general manager of Opinion Marketing and Advertising Consultants.

Already, up to 30 per cent of the commercial and residential area has been secured, said Al Habib. The 23,000 sq m site will, in four years time, be home to a 1,350-room hotel, four towers with more than 4,300 apartments, and a 12-storey commercial area.

Deals signed for 3,000 km roads

Riyadh: Saudi Arabia recently signed contracts for 3,000 km of roads.

Among the contracts was one for the construction of the southern part of the ring road in Riyadh at a total cost of SR60 million ($15.9 million), local media reported.

Others included a SR35 million contract for the Zahra bridge and a SR335 million contract for the expansion of the Hail-Jouf road.