By Staff writer
Compound in Riyadh has been leased to Saudi Arabia Airlines to accommodate more than 1,000 cabin crew
The First Investor (TFI), the investment banking division of Barwa Bank Group, on Sunday said a residential compound in Riyadh has been acquired by Manazel Compounds Real Estate, an entity that has been incorporated for the deal.
TFI, Barwa Bank, Tanween and Kuwait's Warba Bank invested in the acquisition of the SR300 million ($80 million) compound, a statement said.
It added that Manazel Compounds has leased the compound to Saudi Arabia Airlines which is currently accommodating over 1,000 cabin crew staff in the facility.
TFI said it is in the process of further acquisitions of income generating residential compounds in Saudi Arabia amid strong demand in Riyadh, Jeddah and Dammam. It added that most compounds currently have long waiting lists.
Yousef Al Obaidan, CEO of TFI, said: "With the current market dynamics, expatriate residential compounds are becoming an increasingly attractive sector. There is a good momentum for Manazel to benefit from this lucrative investment opportunity."
The compound also hosts a number of recreational facilities such as bowling alley, theatre, swimming pools, tennis courts, squash courts, sauna and gym, the statement added.