Saudi-based Jiwar Real Estate Management and Marketing, the marketing arm of the Saudi Bin Laden Group, has launched three new companies to cater for the growing Saudi market.
The companies will have their own speciality areas of real estate development, property finance and hotel management.
The real estate development company will have a value of US $132 million (SAR500 million), the finance company, Jiwar Real Estate Finance, will have a value of $531 million.
A company spokesperson said they are currently seeking to complete the procedures with the aim to establish Jiwar Hotel Management through partnership with leading international companies.
All three companies are projected to start operations in the first half of next year and will have headquarters in Jeddah with branches across Saudi's main cities.
"We aim to expand our business to provide an integrated property group, with specialised divisions in sales, marketing, real estate development and finance, and hotel management," the spokesperson said.