Jenan Real Estate Co. – the avant-garde approach to real-estate development in KSA.
Al Khobar, Saudi Arabia: The Easter Province of Saudi Arabia witnessed the launch of one of the biggest entrants in the Real Estate Development sector . Jenan Real Estate Company, a closed joint stock company established by a group of prominent Saudi Arabian, Kuwaiti and Bahraini business houses, hosted the official launch of their company in the presence of their board of directors, management team, VIP dignitaries and members of the press.
With a paid up capital of SR 475 million (US$ 127 million), the developer aims to cater to the growing demand for homes in the KSA market. In a move away from the ordinary, the company plans to maintain a consistent focus on creating and promoting the concept of community living through all their projects. The Eastern Province will be the company's initial focus to launch developments in, followed by a gradual expansion all over the Kingdom of Saudi Arabia.
Another phase of the strategic plan for Jenan is to set itself as the leading Real Estate Investment Trust (REIT) manager, a tool that is important for both, real estate development and real estate investors. With an allocation of SR 100 million as a start up investment for owning and managing high-end properties that plan certainly is well under way. The fund is also expected to manage properties over the next five years valuing up to SR 500 million.
Speaking at the launch event, Mr. Abdulmohsen R. Al-Rashed, Chairman of Jenan Real Estate Co. said, “This is a very important day for us at Jenan, a day we have all looked forward to. From this day forward, we will start putting all our strategic plans into action. Jenan by its name means ‘paradise’ and that is the kind of living we want to offer to the people of Saudi Arabia. Providing homes that encompass the feeling of togetherness, family values and tradition instead of buildings with no soul is our ultimate mission.”
Dr. Bassam Boodai, Chief Executive Officer (CEO) & Managing Director (MD) of Jenan Real Estate Co. added to that sentiment by saying, “We aim to be the leading developer for real estate projects in Saudi Arabia. However, parallel to that aim is our intention to ensure that we will never commercialize on the sentiments of our customers. We want to make available properties that are icons of inspiration and innovation.”
As we noted that Awali Real Estate Investment Co , has co-founded a number of companies, such as Jenan Real Estate and Mawten Real Estate, both of which plan to found a number of new real estate subsidiaries.
The group has seen a regional strategic expansion over the last few years, and has co-founded a number of companies in the financial and aviation sectors in GCC, such as Arbah Capital, Watan Financial Investment, Awali Financial Supporting Services, Financia, Afaq Aviation, United Holding Company and the Dubai-based ALBurj Real Estate, in alliance with Dubai Islamic Bank, as well as establishing a number of strategic partnerships.
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