Saudi Arabian development will include 10,000 homes plus schools, shops and leisure facilities
A major Saudi Arabian developer has announced a $2bn residential scheme in Jeddah. Dar Al-Arkan Real Estate Development Company will build the scheme over five years.
The Shams El-Arouss development will have more than 10,000 housing units and will include schools as well as leisure and retail facilities.
Work is scheduled to begin in 2010 and the first phase of construction will include 2,000 dwellings, although it has yet to be announced when this phase is likely to be completed.
The development company will seek loans to help finance the project. It recently reported a 14.4% decrease in third-quarter net profit compared with the same quarter in 2008 due to the downturn in the property market.
A spokesman from Dar Al-Arkan told Saudi Gazette: “The project will be financed with mixed formulae that includes revenues from the project, cash flow from the company's operations and external financing.”
Jeddah is on Saudi's south-west coast.