STAY AHEAD
STAY AHEAD

     

Interview with
Dr. Nazih Al Hamad

 General Manager of 

Affordable House

 a Subsidiary of Dar Al Arkan

 

 

In 2007 it established its Affordable House subsidiary to cater to the growing low and middle-income segment of the market with considerable success. Dar Al-Arkan converted to a joint stock company in 2005 and rst listed its shares onthe Saudi Stock Exchange in December 2007. In December 2008 its capital stood at SAR 7.2 billion (US$1.92 billion), divided into 720 million shares of par value of SR 10 each (US$2.67). The capital was increased signicantly in 2008 by issuing 180 million bonus shares of par value of SR10 each to its current shareholders, in a non-cash issuance nanced through re- tained earnings.


Affordable House's modus operandi consists in identifying suitable locations for its projects, designing standardized housing units and the layout of the entire project, and then having its technical department supervise the actual construction work that is outsourced to contractors. The company handles the marketing and sales processes too. The main challenge in marketing its products in the under- supplied market the company caters for is not to
nd buyers but to help them nance their purchase. “We are eagerly awaiting the mortgage-nance law announced by the government since 2005, but unfortunately it has not arrived yet. In the meantime, we are working with various private-sector nancial institutions to develop formulas to help buyers nance their homes. Usually, these institutions nance an average of 9% of the purchase price only. Buyers can obtain another 9% as a loan or grant from the government, and the rest is their own capital, or that provided by their family. We work with several banks to offer a formula covering a larger part of the price.” Not surprisingly, the company's formula has turned out to be a success,

and Affordable House is receiving enough orders to keep it busy for a long time to come. “In 2010 and 2011 alone, we are building 1,500 housing units in various development projects in Riyadh and else- where”, says Dr. Al-Hamad.
 

One development planned is the Shams Al-Arous Project, which will be located in the east of Jeddah on an area of over three million square meters and developed as a modern integrated master planned community. Currently under construction is the Al Tilal Project in Medina, which will eventually cover a total area estimated at 2.2 million square meters, with the rst phase comprising 499 villas in traditional Arabic and neoclassical architectural de- sign. Then there is Qasr Khozam, maybe the most ambitious residential project in the history of the Kingdom of Saudi Arabia, planned as cooperation between Dar Al- Arkan and the Jeddah Development and Urban Regeneration Company (JDURC) to rejuvenate the city of Jeddah.


Kuwait in Spain

Click in the image to read the full publication (Spanish)

Our latest investment report on Kuwait was recently published in one of the leading Spanish dailies, ABC.  FindMe in Kuwait explores the economic perspectives of Kuwait and the country´s future plans to compete with its fast developing neighbours. Once the leading country of the Gulf, Kuwait has remained silent for the past decade. And although many would like to see faster changes, Kuwait is moving, at its pace, to them. Inexorably. Learn about who is who in Kuwait and read what the leaders say about their own future in our upcoming release: FindMe in Kuwait Mobile app.

 

Stay tuned - Stay Ahead

GGC launches FMS and FMB mobile apps

Click in the image to download the app

GGC concludes FindMe in Bahrain

Click to download the guide

Global Gulf Consulting has concluded its latest production on Bahrain, FindMe in Bahrain giving the country a fresh approach after a couple of difficult years of local demonstrations that matched the global recession.  Bahrain is a small island in the Arabian Gulf with an incredible potential for logistics, industries and tourism. FindMe in Bahrain was supported by both the public and private sector of Bahrain.  Banagas, Nass Corporation, BBK and DHL were GGC strategic partners in the development of the series among others.  

FindMe in Bahrain is available at the local bookstores Jashamal and online as well as in the Apple Store. It is a full business leisure and business guide for any investor or visitor interested in traveling to Bahrain or for those that already live there.

 

New release: FindMe in Saudi 2013 Edition

FindMe in Saudi offers a multi-faceted overview combining business and leisure, economy and heritage. The book aims to capture the current development of Saudi Arabia in the words of the people who live and work there. It is an authoritative source of information for investors, businessmen and travellers produced to firmly position KSA as an attractive investment destination.

In contains general information about the country´ economic performance and who is who as a sectorial overview and a leisure guide.    

FindMe in Saudi 2013
FMS 2012 A4 v15 web.pdf
Documento Adobe Acrobat [45.4 MB]

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GLOBAL GULF CONSULTING

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