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INFRASTRUCTURE New developments
CHANGING FACES
FROM MALLS, RESIDENTIAL COMMUNITIES AND HUGE SPRAWLING CITIES TO TRANSPORT LINKS AND AIRPORT REDEVELOPMENT, THE KINGDOM'S INFRASTRUCTURE IS UNDERGOING A MAJOR TRANSFORMATION.
King Abdullah Financial District
The mixed use development model prom- ises to give Saudi Arabia a healthy economic future with investments flowing from within the Kingdom and foreign direct investment. The implementation of the Freehold
Property Law and the arrival of a mortgage law in Saudi Arabia are set to revolutionise the Kingdom's real estate market. For the first time ever, non-Saudi nationals will be able to buy and own their own homes, with the market opening up to all residents holding current work visas. While non- residents are not allowed to buy into the economy, observers expect this ruling will eventually change. Additionally, Saudi Arabia has offered a host of facilities to investors in a bid to attract more foreign investment to support the national economy, and revive related sectors such as construction.
saudiarabia 2011
Aiming high Some of the most audacious projects under development include the Al-Khobar Lakes and Jeddah Gate projects. The first is a lakefront gated residential community, set amidst 80,000 square-metres of serene water-bodies, and the second is a US$700 million investment to build 5,000 homes on the 464,515 square- metre old Jeddah airport site. Dubai's Damac properties is build-
ing Al Jawharah, a 40-storey tower block development on Jeddah's corniche, and Limitless is behind the US$12 billion Al Wasl community near Riyadh. Once finished, the 1,400 hectare Al Wasl community will have 50,000 homes, schools, mosques, sports facilities, civic buildings, public centres and commercial offices. It will also feature landscaped greenery and parks for families and residents to enjoy.
Arguably most ambitious of all is Kingdom
Holding's plan to build the world's tallest tower in Jeddah. The tower, expected to be at least 1,000 metres high, will be part of the US$26.7 billion Kingdom City project in Jeddah, which will be one of the largest and most compre- hensive real estate projects in Saudi Arabia. Located on a prime site in Obhur, north of the creek of Jeddah and the mountains to the east, the Kingdom City master plan covers 23 million square metres and includes residen- tial, entertainment, retail and hospitality units. Kingdom City is expected to house 80,000 residents and accommodate 250,000 visitors. The Jeddah Mayoralty has prepared a list of 100 projects in the city's 20-year development programme. These include the City Center at the Old Airport site, the Jeddah Centre project including Balad and parts of the water front, and several projects on the Corniche.
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