$1.3bn Saudi investment
01 March 2007
KM Properties plans to invest Dh5 billion ($1.36 billion) in Saudi Arabia’s property sector.
The real estate arm of the Knowledge Management Group (KMG) of the UAE is undertaking a major Middle East expansion that involves the setting up of three new offices in the Saudi cities of Dammam, Riyadh, and Jeddah.
“There is a booming real estate market in Saudi Arabia,” said Khalil Haddad, managing director of Saudi operations. “KM Properties is excited at the prospect of entering such a dynamic market, and we are also eager to give back to the community at large.”
An entrance of this scale is expected to create a substantial number of jobs for the Saudi market. The company is also in discussion with various developers in the country and is expected to announce a number of joint ventures soon, he said.
With marketing activities in the kingdom to begin in the first quarter of 2007, th Dubai-based KM Properties is committed to a long and successful stay in Saudi Arabia.
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