FOUNDING SPONSOR EWAAN PARTICIPATING IN CITYSCAPE JEDDAH 2104 FOR FIFTH YEAR RUNNING

Phase one of Alfareeda delivered to buyers and phase two nearing completion.

Ewaan Global Residential Company, is participating in the 5th Jeddah Urban Development and Real Estate Investment Event – Cityscape Jeddah 2014, to be held  May 4-6 under the patronage of His Royal Highness Prince Misha’al bin Majed bin Abdulaziz, Governor of Jeddah.

 “We are proud to be a founding sponsor of Cityscape and have continued our support every year since 2000, making this the fifth time we have participated in the western region’s biggest and most important real estate event, commented Riyadh Al Thagafi, CEO of Ewaan Global Residential Company.

“This year, pride of place at our booth will go to our hugely successful flagship residential project, Alfareeda, which is now preparing to enter its third stage of development in the Dahban area on the northern outskirts of Jeddah; and the adjacent Almayyar project which we are developing to provide an alternative source of affordable housing for middle income Saudi citizens.

 Ewaan has designed Alfareeda specifically for middle income Saudi citizens who aspire to an elevated lifestyle in beautiful architect-designed villas set in a safe and tranquil environment of landscaped green areas, complete with a modern technologically advanced infrastructure and world class service facilities.

Globally recognized as a model of modern town planning, Alfareeda is being developed phase by phase, with each phase a sellout as soon as the units go on the market. The first three phases comprising of 1,200 units have been sold out. Construction work in Phase One is more than 80% complete including infrastructure facilities such as roads, lights, water treatment plant, power station and mosque. The first residential units are currently in the process of hand over.

 Phase four, the final stage of Alfareeda comprising of 500 units, will be launched later this year.

 One of the main social facilities at Alfareeda will be the Community Center for which plans are already approved and Ewaan will be signing with a contractor in the near future. Scheduled for completion during 2014, the Community Center will be a focal point of social life in Alfareeda

The architectural concept of Alfareeda Community Recreation Center is a modern interpretation of the Arabian style that characterizes Alfareeda, yet reflects the ultra modern, technologically advanced facilities within the center. Facilities are sectioned into three categories: the social section, the fitness and sports section, and the multipurpose section.

 Ewaan’s second project to be showcased at Cityscape is Almayaar, which is designed to be complementary to Alfareeda. The overall concept of Almayaar is to create a second fully integrated and diversified community, based on affordable housing for middle-income Saudi nationals. The vision of the project is to develop the site adjacent to Alfareeda to offer a mix of residential apartments, and business center in addition to the commercial area located on Madinah Road.

 The master plan for Almayaar is ready and is pending approval from the municipality. Meanwhile Ewaan is upgrading the project to increase the service facilities and the landscaped green areas to reinforce its commitment to building communities that offer enhanced lifestyles.

 Ewaan is also participating in the Jeddah Real Estate Summit that is being held alongside the Cityscape exhibition. Day one will cover Construction Systems and will include topics such as introducing automation into Saudi Arabian processes; comparing rising labor and materials costs to automation investments; and initial trials with quicker construction methods. A principal speaker will be Eng. Ahmed Abu Al-Ola, Director of Operations & Developments at Ewaan Global Residential Company, who will be talking about  “What is the market appetite for these new products?”

 Ewaan Global Residential Company, owner of Alfareeda and Almayaar residential projects, was established through the strategic partnership of some of the region’s strongest financial and development institutions including the Islamic Corporation for Private Sector Development (ICD), which is affiliated to the Islamic Development Bank (IDB), Al Numu Real Estate Development Company (a subsidiary of SEDCO Holding), the Public Pension Agency and the International Investment Bank (IIB).