Land Holding Company to carry out $200m real estate project in Ramallah, Al Beir

AMMAN (Petra) - The Land Holding Company, a subsidiary of Al Rajhi Group, on Friday signed a memorandum of understanding (MoU) with the Palestinian Investment Fund to carry out a real estate project at a cost of $200 million. Under the MoU signed in Amman, the two sides will set up a specialised company which will prepare and implement the project's designs.

The project, scheduled to begin in early 2008, seeks to develop a 50-dunum plot in the centre of Ramallah and Al Beira. Land Holding Company President Saeed Bahjat said the company regards the investment in Palestine as one of its most important goals, expressing the company's eagerness to enter the Palestinian market and to work alongside Palestinian investors. He also voiced hope that the project would have social and economic benefits, including the creation of job opportunities for the Palestinians. Established in 2003, the Land Holding Company has been involved in real estate projects in Saudi Arabia, Qatar, United Arab Emirates and Bahrain in addition to Jordan. Palestinian President Mahmoud Abbas and Foreign Minister Salah Bashir attended the signing ceremony.

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source: zawya.com