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KM Properties to Build New Housing Projects in Saudi Arabia

(MENAFN - Arab News) DUBAI, 19 January 2007 KM Properties, the real estate arm of the KM Holding, recently announced its entry into new markets in the Middle East region with the opening of new offices in three major locations in Saudi Arabia including Riyadh, Jeddah and Dammam.

With a fund allocated solely to property development in Saudi Arabia, KM Properties is confident that this new development would turn to be a successful one. "There exists 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 a market such as this, and we are eager to give back to the community at large."

An entry of this scale is expected to create a substantial number of jobs in the Saudi market. The company is also in discussion with various investors in the country and is expected to announce prospective joint ventures soon in order to tap high investor appetite.

"Other investors are more than welcome to contact any of our Saudi offices in order to discuss unique investment opportunities." Haddad stated. With marketing activities already started in the country in the last quarter of 2006, KM Properties looks forward to establishing a long, successful and fruitful relationship with the real estate market in the Kingdom.

The announcement comes following the company's launch of a $2.3 billion Shariah-compliant fund for Islamic real estate assets to include Islamic hotels, and other commercial, residential and retail components.

KM Properties is a major market developer with more than 24 million square feet in built-up area being designed and built only in the past two years in the UAE and with many successful residential, commercial projects.

KM Properties' continued partnership with Al Rostamani Pegel construction company makes their work exceptional and first-rate.

"When our clients invest in us, they do it with the assurance that they are buying into trust as much as the project itself," Khalil Haddad said.

"That's because we want the best for our investors. Everything from our designers to our construction company is chosen keeping in mind our consumers, and they are aware of it."

KM Properties reputation and the relationship it has cultivated with its investors over the years one that is based on trust has resulted in the widely successful sale of all projects launched to date, he added.


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