Jiwar launches firms worth $694mn

COMPANIES LAUNCHED: Jiwar has set up three firms to cater to the Saudi real estate sector. (AFP)

Jiwar Real Estate Management & Marketing, a subsidiary of the Saudi bin Laden Group, on Monday launched three companies to cater to the kingdom's growing real estate sector.

The companies, worth a total value of $694 million, include a real estate development company, a real estate finance firm and a hotel management company.

"The move comes amid our efforts to further promote our company's growth and to leverage the opportunities provided by the promising real estate sector," Saleh Al-Habib, CEO of Jiwar Real Estate Management, said during a press conference to launch the event at Cityscape.

Fuelled by a more than fivefold rise in oil prices, the world's largest oil exporter has been developing multi-billion dollar projects to attract foreign investment and fill a shortage of housing units for the local market.

But Al-Habib said a lack of real estate finance has led to a shortage in the real estate sector marketing cycle and a slowdown of demand in real estate. He said the introduction of the mortgage law, expected to be issued in the next few months, would help fuel the sector.

He added that the current global slowdown had not hampered the kingdom's growth. "The US crisis has not yet had an impact on the Saudi real estate market as it still very new," he said.

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