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 MEEF - Middle East Engineering Projects News & Releases

$100m property firm unveiled

5 July 2006

MANAMA The Bahrain-based International Investment Bank (IIB) and its co-investors announced yesterday the formation of a $100 million Shariah-complaint real estate development company, Ewaan, which will initially focus on benefiting from the vast opportunities Saudi Arabia offers, before exploring wider horizons.

The announcement was made at Ewaan's first founders' meeting, where the firm's strategic shareholders were also revealed following the strong oversubscription of the company.

Established by IIB in conjunction with its partners the Islamic Corporation for Development of the Private Sector (ICD), a multilateral investment affiliate of the Islamic Development Bank, and the Saudi Economic and Development Company (SEDCO), a Saudi-based investment group, Ewaan will focus on investment in the Saudi Arabian real estate market.

Based in Saudi Arabia, the new firm will seek to invest some SR2 billion ($533 million) in the fast-developing Saudi property sector over the next three years.

With the conclusion of the meeting, Ewaan will now move to acquire the requisite licences from the relevant authorities in Saudi Arabia to begin its investment activities.

According to recent projections, it is expected that over the next ten years, the gap between housing supply and demand in Saudi Arabia will reach some 1 million units, "and Ewaan believes that the mid-market segment represents a large proportion of this requirement," underlined the IIB's chief executive officer, Aabed Al Zeera.

Further commenting on the establishment of Ewaan, IIB's chief operating officer, Salah Nooruddin, said: "These trends create strong opportunities for companies such as Ewaan, which have the technical and market expertise as well as the financial strength to enter the Saudi market and effectively identify those segments and projects that can deliver superior returns. Over the next three years, the company intends to put strong inflows of investment towards the development of affordable housing projects in addition to other areas that can provide strong results for Ewaan and its shareholders."

The Internal Rate of Return (IRR) for investment in the company is expected to be in excess of 22 per cent per annum over a three to five-year period. Further, there is scope for significantly enhanced returns through capital appreciation at exit should the company be floated through an Initial Public Offering (IPO), it was highlighted.

Courtesy: Khaleej Times Online

Kingdom Gives SR134m to Turkish Dam Project

RIYADH, 6 July 2006 Saudi Arabia has awarded a SR134 million contract to a major Turkish company to build a major dam near the southern Saudi city of Jizan in a new move to ensure protection from turbulent floodwaters and to ensure better water management. The move comes in line with the Saudi government's ambitious plan to build multipurpose dams in different parts of the country.

"The contract to build the Damad Dam was signed by Abdullah Al-Hussayen, minister of water and electricity, at the governor's office in Jizan," said Erol Ozdemir, who inked the deal on behalf of the Yuksel Insaat Saudia Co. Ltd. "The contract has been awarded by the Ministry of Water and Electricity", said Ozdemir, regional manager of Yuksel, in Riyadh yesterday. He said that the catchment area of Damad Dam is about 903 square kilometers.

Spelling out the features of this dam project, Ozdemir said that the dam could also be used for irrigation purposes. "The maximum storage capacity of the project will be 55.5 million cubic meters with a flood control value of 33.9 million cubic meters," said the Yuksel's regional chief, adding that the site has already been handed over to our company. The period of the completion of the project is four years form now, he said.

He said that, "Yuksel had the high-tech capability and international standards to implement such dam projects." "Currently, Yuksel is executing some prestigious projects for the Saudi government agencies and private sectors such as the SR198 million Baysh Dam in Jizan under the Ministry of Water and Electricity", added Ozdemir. The Baysh Dam is located at about 500 meters from the junction of Yakhref and Baysh valley in Jizan region, where devastation caused by sweeping floodwaters has been irreparable in the past.

These multipurpose dam projects, in fact, have been priority for the Saudi government. The dams will ensure flood control and irrigation in downstream areas. The Murwani Dam project will be completed in 2009. On the other hand, the Baysh Dam project will be completed in 2008. It will be 106 meters high and 340 meters wide, said Yuksel official adding that the company has also undertaken the King Faisal University (Site Utilities) project in Dammam under the Ministry of Higher Education.

Yuksel, Ozdemir said, has demonstrated a unique combination of experience and professional qualification, while doing a number of projects for the Kingdom's public and private sectors. "While performing such projects over the years, Yuksel has won the trust of Saudi government and private sector besides forging closer cooperation with local and international companies specialized in these fields", he said.

He said that Yuksel won the confidence of local clients, which was evident from the fact that it has undertaken projects worth about SR2 billion in the past. These projects have been both for the government and the private sector, which include housing compounds, hospital, dams, desalination and power plants. Additionally, Yuksel has the honor of executing a segment of the construction project previously promoted by the government for providing water to all parts of the Kingdom.



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