Signing of contract between INMAIA and KINAN for real estate

INMAIA for investment and development in real estate and tourism company, based in the city of Riyadh has signed contract with KINAN Real Estate Company. Under this, INMAIA will invest and develop a number of lands within the project of Mashrif North of Jeddah city.

INMAIA company is a Saudi closed joint stock company founded in 2005 with a capital of SR 1.1 billion. It owns a number of shopping malls that are operational in some Saudi cities.

The company has pursued a development strategy that requires new investment for residential real estate development. The new investment is being used to develop some of the land by building houses within the Masharif Jeddah project.

Masharif project is located near the two most important roads- Haramain and Madinah in the city of Jeddah. The project site also lies close to King Abdullah Sports City and it is about 15 minutes away from King Abdul Aziz Airport and 12 minutes from King Abdul Aziz University (North Branch). The North Jeddah Hospital and the New Specialized Hospital are also nearby to the site.

The project lies on a land area of about one million square meters with villas available in different sizes and patterns. The project includes 464 villas, development of which is divided into three phases:

First Phase : 231 villas
Second Phase :100 villas
Third Phase :134 villas

The Chief Executive Officer of INMAIA, Mr. Muneer Bin Ali Al Shehri has declared that the company will build about 70 villas with different designs, taking into consideration the aesthetics, harmonizing with the entire project and its location. Also, the land area, area of buildings, and use of interior spaces has been designed after in-depth market study to determine the exact requirements of the targeted sector.

Emulative prices have been specified for the units put up for sale to the middle income group segment. The company will offer these units for sale soon and kick-start the sale with encouraging prices for the distinctive top customers. All this is in alignment with the real estate strategy of INMAIA that intends at providing trustworthy housing systems for the middle class – the largest segment in Saudi society, enabling them to own a house at an affordable price.