Issue No 281 - 01 Sep 2008
Rikaz group acquires Saudi's Al Rawda

Rikaz Properties, a part of the Tanmiyat Investment Group and Bin Dayel Group consortium, has acquired the Al Jubail City-based Al Rawda Development, which consists of residential and commercial complexes, a report said.

Saudi's housing market requires about 1.2 million units currently, and this is expected to rise to about 2.9 million in the next 20 years. This alliance is in line with the need to fulfill the demand; the company was quoted as saying in a Gulf News report.

Al Rawda development is a two million sq m project which is located opposite the naval base on King Abdul Aziz Street and is right next to the Al Dammam-Jubail highway.

Source: Trade Arabia News

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