Jeddah Rejuvenation Project, Kingdom of Saudi Arabia
As part of its strategic alliance among GCC-based companies to execute pioneering construction projects, in 2006 VCBank was invited to join an investment alliance led by the Urban Development Company (Saudi Arabia), to develop the central part of Jeddah in the Kingdom of Saudi Arabia.
The alliance also includes the Siraj Capital (Saudi Arabia) and the Al Tijara Real Estate Company (State of Kuwait). The alliance won a mandate to develop alongside Jeddah Muncipality the master plan for Jeddah's central business district (commonly known as Wist Al-Balad), as part of the rejuvenation of this area.
To ensure equal opportunities for all interested companies in the proposed development of the area, and in line with international best practice, Jeddah Municipality invited all interested developers to participate and outline the geographical area for which planning and constructional studies and infrastructure projects are required.
Also required was the provision of necessary financial and legal feasibility studies to encourage land owners in the area and investors to participate in the project, which will realize a rewarding financial return and economical added value.
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As part of its strategic alliance among GCC-based companies to execute pioneering construction projects, in 2006 VCBank was invited to join an investment alliance led by the Urban Development Company (Saudi Arabia), to develop the central part of Jeddah in the Kingdom of Saudi Arabia.
The alliance also includes the Siraj Capital (Saudi Arabia) and the Al Tijara Real Estate Company (State of Kuwait). The alliance won a mandate to develop alongside Jeddah Muncipality the master plan for Jeddah's central business district (commonly known as Wist Al-Balad), as part of the rejuvenation of this area.
To ensure equal opportunities for all interested companies in the proposed development of the area, and in line with international best practice, Jeddah Municipality invited all interested developers to participate and outline the geographical area for which planning and constructional studies and infrastructure projects are required.
Also required was the provision of necessary financial and legal feasibility studies to encourage land owners in the area and investors to participate in the project, which will realize a rewarding financial return and economical added value.
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