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Emaar’s joint venture in Saudi Arabia, Emaar Middle East, is eyeing a number of opportunities in the kingdom, including a large master planned development in Riyadh.
The project is one of a number of propositions that is being reviewed and no transaction has yet been finalised, the company said in a statement to the Dubai bourse.
“Should any potential investment opportunity or agreement be finalised, we shall inform the regulatory authorities and the markets,” a company spokesperson said.
Based on the country’s housing requirements and the mortgage law being passed, Emaar said it believes that the demand for real estate will remain robust in the kingdom for “years ahead”.
It is especially interested in the Riyadh market due to the strong demand for housing in that region, it said.
“The Kingdom of Saudi Arabia is one of Emaar’s primary target markets and we believe that there is significant potential for the real estate developments there,” the spokesperson said.
Emaar Middle East is the Dubai based company’s joint venture with Saudi’s Al Oula Group.
Source: arabianbusiness.com
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