C&P, WTC-Saudi finalise $26.7m development joint venture
Construction and Planning and World Trade Center Saudi Arabia’s $26.7m joint venture is designed to facilitate real estate development over a five-year period
Construction and Planning Co Ltd (C&P) and World Trade Center Saudi Arabia (WTC-Saudi) have finalised a property development affiliation.
The joint venture (JV) agreement, which has an estimated value of $26.7m (SAR100m), is designed to facilitate real estate development over a five-year period.
Under the terms of the deal, WTC-Saudi will provide C&P’s clients with fully equipped, temporary commercial spaces while their permanent offices are being completed.
For its part, the Riyadh-based contractor will conduct fit-out works for all offices within WTC-Saudi’s premises.
Commenting on the agreement, Faisal Bouzo, co-founder and managing partner of C&P, said: “We recently finalised an affiliation with [WTC-Saudi]. With an estimated value of $26.7m (SAR100m), this joint venture deal was signed with the aim of developing real estate properties over a period of five years.
“WTC-Saudi complements C&P’s services by supplying our clients with temporary, fully equipped offices, enabling them to make the most of their commercial spaces while their permanent offices are being completed.
“In turn, C&P is responsible for handling the fit-out of all offices within WTC-Saudi’s towers,” Bouzo added.
In addition to WTC-Saudi, C&P’s client portfolio includes Apple Saudi Arabia, Deutsche Bank, Dell, BNP Paribas, Becton Dickinson (BD), and Hansgrohe.
The full-length interview with C&P’s co-founders and managing partners, Faisal Bouzo and Tarek Al Ajlani, was published in issue 655 of Construction Week.