SEDCO Development concluded an agreement with SEDCO Holding Group and Methak Holding Company to commence the real estate development of Al-Rawdah Complex project, host of commercial, residential and recreational units in Jeddah, Saudi Arabia, reported Reuters on Tuesday.
The agreement was undersigned by Zuhair Hamzah, CEO of SEDCO Development (The Real Estate Developer), Anees Ahmed Moumina, CEO of SEDCO Holding Group, and Khaled Gama, CEO of Methak Holding Company.
“The launch of Al-Rawdah Complex project aims to contribute to the real estate industry and the development of the overall economy. It is also considered a step within the implementation of the Saudi Vision 2030 for improving the economy in general and social life structure in particular. This project will emphasize on various investments’ aspects towards achieving further milestone within the industry,” said Hamzah.
“Al-Rawdah project spans across an area of 70,000 square meters consisting of a multi-purpose complex boasting a shopping mall, residential and commercial towers as well as a hotel offering to meet growing demand. The first phase will be launched with 26,000 square meters dedicated to the commercial center including a variety of showrooms over its two floors, in addition to recreational areas and other service amenities on 50,000 square meters of the total site´s area. It is expected to be a valuable addition to the Saudi real estate market,” he added.
Moumina said: “This project is part of SEDCO’s investment strategy and it is expected to contribute to the expansion of our direct investments portfolio. We are confident that our agreement with each of SEDCO Development and Methak Holding Company, will be crowned with successful outcomes, as planned.”
“Saudi Vision 2030 aims at strengthening the economy by reducing reliance on oil and transforming the Kingdom to a post-oil and robust economy driven by the private sector including real estate, one of the leading industries. According to recent market researches and reports, Saudi realty sector is the most attractive sector for low-risk investments and has also proved to be one of the most attractive markets in Middle East, due to the positive future expectations and sectoral support by the Kingdom´s Vision 2030,” said Gama.
Located at the intersection of Prince Saud Street and Prince Sultan Street with close proximity to a number of landmarks, public and private real estate facilities and infrastructure projects, Al-Rawdah project is yet to form an urban village of commercial, retail and residential mix. The latter will also provide Jeddah residents with the opportunity to revolutionize their “food experience” offering, and an ultimate lifestyle refinement with its unique mix of innovative retail and upscale gourmet outlets.
SEDCO, the Saudi Economic and Development Company, is a leading private wealth management organization that conducts its business according to Islamic guidelines widely known as Shari’ah.
It was established in 1976. It manages a wide and diversified spectrum of real estate investments, investments in equities, and other businesses in Saudi Arabia and around the world. It is located in the Red Sea Mall building, Kind Road, Jeddah, Saudi Arabia. Its investees companies have over 6,000 employees. SEDCO Holding Group mainly operates through three lines of businesses: direct investment, real estate investments, and financial investments.
Direct investments are in multiple sectors/industries and serve different clients from F&B, to pharmaceutical, auto leasing, real estate, and hospitality. The delivery mechanism varies depending on the target audience of each business and sector.