Saudi investors conclude US$400M real estate deal

Despite the state of uneasiness and anticipation of war in Iraq, the real estate market in Saudi Arabia is experiencing record growth, and has become a safe haven for investment and development.

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By  Massoud Derhally Published  March 12, 2003

The state of uneasiness and anticipation of war in Iraq has not affected the Saudi economy and in fact, the real estate market is experiencing record growth, and has become a safe haven for investment and development.

According the Saudi owned Asharq Al Awsat; a syndicate of Saudi investors concluded a real estate deal known as the Yasmeen Project recently, which takes up more than 3.8 million square meters and is worth US$ 400 million.

The deal brought together some of the most prominent Saudi businessmen, including: Mohammed Al Rimizan, Saleh Al Ruwaitah, Suleiman Al Hammad, Saed bin Mohammad Al Ajlan, and Abdul Aziz Al Mousa, who lead the syndicate.

The venture according to the daily is the largest the Saudi capital has seen and is a clear indication that the business environment is as usual in the Kingdom, despite rising tension in the region.

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