Fund set up for $1bn complex
01 June 2017
Saudi-based Al Enmaa Investment Company said it has set up a new real estate development fund to build a residential and commercial complex near the Al Haramain High-Speed Railway Station in the port city of Jeddah at an investment of SR4 billion ($1.06 billion).
The Darb Al Haramain complex is taking shape on a 1.38-million-sq-m area on the intersection of King Abdullah Road and Al Haramain train station in the old airport area of Jeddah city.
The work on the project began last December and the marketing and sales of the units is likely to start early next year.
The complex has a unique modern structure that was designed by architecture group Hossam Al Abdulkarim in association with global industry giants US-based Calthorpe, Kranekel, and Canadian company WPS.
Al Enmaa has signed up Saqefat Al Safa Real Estate Development and Management Company to undertake the implementation and marketing of the project.
On the new project, CEO Saleh Al Hanaki said: “The complex, regarded as the most important residential and commercial complex for visitors using the Al Haramain Railway Station, is expected to be completed in 2018.”
The design of the complex is one-of-a-kind, with at least 60 floors earmarked for residential apartments, according to Al Hanaki.
The complex includes a central park and medium-size gardens that provide sports and entertainment facilities, as well as services amenities for the residences.
The Arab Centre for Engineering Consultancy is the project’s consultant.
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