REGIONAL NEWS
BANK ALJAZIRA FINANCES ‘DARAT AL-HADA’ RESIDENTIAL PROJECT IN RIYADH
its residential project, Darat Al-Hada, in Riyadh with a total budget of more than SAR 250 million. Eng. Abdulraheem Al-Towaijri, CEO of Mizat Development Company, and Mr. Abdullah Al-Shmassi, Senior Vice President & Head of Corporate and Institutional Banking Group, on behalf of Bank Aljazira, signed the agreement. Exceeding a total area of 40,000 square metres, the residential project
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is located in the Al-Hada neighbourhood in west Riyadh and will be implemented in two phases. Te first phase consists of the development of 48 residential units while the second phase consists of 50 residential units, totalling 98 units. Eng. Al-Towaijri stated that the project is characterised by its location and vital proximity to many important areas and facilities, such as the Diplomatic Neighbourhood, Convention Palace, Royal Court and King Faisal Specialist Hospital. Also, the project is easily reached via the surrounding road network that provides smooth and flexible entry and exit from the neighbourhood. “Bank Aljazira has continuously supported investment and real
estate companies as it trusts the availability of potential investment opportunities in the sector and its economic viability, and to meet the growing demand for housing,” said Mr. Abdullah Al-Shmassi, Senior Vice President & Head of Corporate and Institutional Banking Group.
izat Development Company entered a finance agreement last month with Bank Aljazira as part of the company’s plan to develop
“Mizat Development Company has solid experience in implementing
residential projects and our funding to the ‘Darat Al-Hada’ project demonstrates the goals of Bank Aljazira to deepen its engagement with real estate development companies, which in turn contributes to strengthening the role of our wise government in providing citizens with suitable housing,” he added.
development, ‘Burjside Boulevard’, scheduled to be delivered in Q1 2013. Tis construction milestone represents a significant point in the delivery schedule of the project, with work well underway on the external cladding and interior fit out. Designed by award winning German architects Koschany & Zimmer, the
50 storey tower is DAMAC Properties’ first hotel apartment project and will be managed by ‘DAMAC Suites and Spa’ with a comprehensive list of services for residents, spanning from state-of-the-art spa treatments, housekeeping, concierge services and chauffeur driven cars to private jet and yacht charter. “Te positioning is ‘luxury at your service’ where we will offer the personalisation of every hotel service conveniently in customers’ apartments,” said Niall Mc Loughlin, Senior Vice President of DAMAC Properties. “We are seeking to create the total luxury experience for people residing within the Burjside Boulevard development.” “Te location is what distinguishes Burjside Boulevard from many other
projects currently under construction in Dubai. DAMAC Properties always chooses premium sites for [its] developments, and currently Dubai’s Downtown district is one of the most sought after locations in the city,” he added. Te concept for Burjside Boulevard is groundbreaking for DAMAC
Properties, bridging the divide between high-end residential apartments and luxury five-star hotels. “Dubai is a vibrant business hub, and it’s very common for people to
come to the emirate for months at a time for work. Hotels can be very impersonal, and it’s impractical to rent an apartment for short periods of time. It’s that combination of factors which has created a niche market for
DAMAC SUITES & SPA’S FIRST PROPERTY TOPPED OUT U
AE property developer DAMAC Properties has topped out construction at its landmark serviced hotel apartment
projects like Burjside Boulevard,” Mc Loughlin said. Burjside Boulevard will offer a choice of 1, 2 and 3 bedroom apartments, all with their own internal gourmet kitchens. “DAMAC Properties is doing something very different at Burjside Boulevard. We are creating the type of home our customers have always dreamed of. It’s five-star luxury living, with every modern convenience included. If people want to cook their own dinner they can, if they want to order room service they have that option too,” Mc Loughlin concluded.
JUNE 2012 I CITYSCAPE I 5
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