The expansion of Alijarah Holding Company’s new real estate project, “Al-Rawdah,” into the Saudi market was announced yesterday. signing a contract with Arch for QR55 million.
The partnership between Radhwan Jamal Aldeen Babili Company for Architectural Contracting and the company seeks to promote the design and improvement of residential villas on the outside as well as the inside.
The chief executive officers of Alijarah Holding and its subsidiaries, Hamad Al Jamali and Arch. Radhwan Jamal Aldeen Babili, as well as their corresponding teams, signed the attendance agreement.
Speaking to The Peninsula on the sidelines of the partnership event, Hamad Al Jamali, Chief Executive Officer of Alijarah Holding said: “We bought land in Jeddah with over 5000 sq m. Our project is to build almost 10 luxury houses and that will be for sale after 20 months once construction is completed.”
This year, Alijarah Holding founded the company in Saudi Arabia, which it owns 100% of, to grow the industry. The CEO mentioned that a few more opportunities are “understudying” and will be reported to the market and shareholders, in that order.
Regarding the enhancement of the partnership, he mentioned that both businesses have branches in Saudi Arabia, and the fully functional team is currently making sure the market stays stable.
The QR55 million partnership is carried out by Alijarah Al Mobtkara AlAqria, a fully owned subsidiary of Alijarah Holding. It is anticipated that this partnership will combine engineering expertise with creative design in order to achieve the highest standards of quality and aesthetics.
As the project is a cornerstone of Alijarah Holding’s strategic initiative to expand its footprint throughout the region, starting with Saudi Arabia, the BABILI firm is also expected to oversee project management and marketing efforts.
Al Jamali gave a positive press statement to the media about the collaboration, emphasizing that it will help to create a project that speaks to the goals of the local community and captures the essence of the area’s culture.
He emphasized that this agreement represents a “strategic” change in the organization’s capacity for design and construction, and he is confident that it will yield outstanding outcomes that will demonstrate quality, creativity, and dedication to the market.
This cooperative project fits in well with Alijarah Holding’s broader plan to expand its international real estate acquisitions and draw a large number of foreign investors into the market. He said that the Al Mobtkara AlAqria company, which is based in Saudi Arabia, is a division of Alijarah property, which is entirely owned by Alijarah Holding in Qatar.
The company also takes pride in its robust real estate portfolio and profitable ventures. It has completed several major projects successfully nationwide, including logistics, office, retail, and commercial buildings, as well as infrastructure projects spanning one million square meters in Lusail.