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Sat 28 Apr 2007 12:00 AM

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IIB launches developer to hit ‘mid-range’ level

Bahrain-based International Investment Bank (IIB) has launched a mid-range property development firm, Sahab Al Khaleej Real Estate Company.

Bahrain-based International Investment Bank (IIB) has launched a mid-range property development firm, Sahab Al Khaleej Real Estate Company.

It will develop and market properties to the mid-range residential property market across the GCC.

Previously, Sahab Al Khaleej was known as the Housing Development Company, which had investors such as First Investment and Al Safwa Group from Kuwait, and Amjad Company from Saudi Arabia.

The new company has already started sourcing and evaluating potential opportunities across the Gulf Region and will begin developing properties in the near future. Following research undertaken by IIB of the GCC residential property market, it was determined that significant market potential exists in the mid-tier residential market, as the majority of developments in the GCC are currently either marketed as luxury residences or as affordable housing, leaving little choice of good value, high quality properties.

Aabed Al Zeera, chief executive officer, IIB, and vice chairman of Sahab Al Khaleej Real Estate Company, said: "We believe there is significant opportunity for Sahab Al Khaleej across the GCC.

"It was very clear from our research that a large market demand is not being met for mid-range residential properties. With the new level of funding and the expertise we now have, we have created synergy through partnership."

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