Saudi developer Arabian Dyar is seeking foreign buyers after launching the second phase of its 10 billion Saudi riyals ($2.6 billion) Makkah development. It comes before the kingdom's new real estate law, which opens up investment to international buyers, takes effect next year.
The company is selling 1,000 units in three residential towers as part of phase two development of Dyar Al Haram project in Makkah, its chief executive told The National at the Cityscape Global exhibition in Riyadh.
The towers will include fully-serviced apartments, penthouses and family units, as well as retail and hospitality elements.
Prices range between 1.5 million riyals for a small unit to 17 million riyals ($400,000 to $4.5 million) for a larger unit.
The overall project will be built in four phases and is set to be completed by 2032. It will have 4,000 units across 13 towers when all phases of construction work are finished.
Located 550 metres from the Grand Mosque, Dyar Al Haram is one of closest large-scale residential developments to Al Masjid Al Haram. The project is part of the Masar Destination urban corridor.
“We almost sold the first phase of the project, consisting of 400 units, and there is a great demand for second phase with many people and property agents from around the world asking when they can start buying it,” said Naif Alatawi.
Currently, the project is being sold only to Saudi nationals but when the updated property ownership law come into effect from January, Muslims from outside can also start buying homes, he added.
This year, the kingdom updated its rules to allow foreigners to buy property in specific zones in Riyadh and Jeddah, with “special requirements” for home ownership in Makkah and Madinah.
It is also permitting foreign citizens to invest in publicly listed local companies that own property in Makkah and Madinah, as the kingdom seeks to attract more international investment.
Earlier this month, Saudi Arabia's Crown Prince Mohammed bin Salman also launched a new mixed-use mega project in Makkah that is set to create more than 300,000 jobs by 2036.
The project, spanning 12 million square metres next to the Grand Mosque is being developed by Rua AlHaram AlMakki, a unit of kingdom’s sovereign wealth fund, Public Investment Fund.
Arabian Dyar, a family-owned business that started in 2011, has 15 billion riyals worth of projects in its portfolio in Riyadh, Jeddah, Makkah, Madinah and Yanbu, consisting overall of more than 10,000 units.
It also plans to start a new residential project worth up to 600 million riyals in Jeddah next year, in partnership with developer Roshn.
This month, the company also signed an agreement valued at 142 million riyals with the Saudi Authority for Industrial Cities and Technology Zones (Modon) to develop and construct ready-made factories in Jeddah as part of its local expansion plans.
The funding of projects is mainly done through money generated by selling homes, with bank financing accounting for 20 per cent, Mr Alatawi said.
The company is also focusing on integrating AI technology into its operations and signed a $100 million deal with Google during Future Investment Initiative summit in Riyadh earlier this month to help it become a “smart real estate developer”, he said.
How much of your income do you need to save?
The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.
In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)
Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.
Super 30
Produced: Sajid Nadiadwala and Phantom Productions
Directed: Vikas Bahl
Cast: Hrithik Roshan, Pankaj Tripathi, Aditya Srivastav, Mrinal Thakur
Rating: 3.5 /5
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Brief scoreline:
Liverpool 2
Mane 51', Salah 53'
Chelsea 0
Man of the Match: Mohamed Salah (Liverpool)
The Greatest Royal Rumble card as it stands
50-man Royal Rumble
Universal Championship Brock Lesnar (champion) v Roman Reigns in a steel cage match
Intercontinental Championship Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe
SmackDown Tag Team Championship The Bludgeon Brothers (champions) v The Usos
Casket match The Undertaker v Chris Jericho
John Cena v Triple H
Matches to be announced
WWE World Heavyweight Championship, Raw Tag Team Championship, United States Championship and the Cruiserweight Championship are all due to be defended
South Africa World Cup squad
South Africa: Faf du Plessis (c), Hashim Amla, Quinton de Kock (w), JP Duminy, Imran Tahir, Aiden Markram, David Miller, Lungi Ngidi, Anrich Nortje, Andile Phehlukwayo, Dwaine Pretorius, Kagiso Rabada, Tabraiz Shamsi, Dale Steyn, Rassie van der Dussen.
UAE currency: the story behind the money in your pockets
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
HUNGARIAN GRAND PRIX RESULT
1. Sebastian Vettel, Ferrari 1:39:46.713
2. Kimi Raikkonen, Ferrari 00:00.908
3. Valtteri Bottas, Mercedes-GP 00:12.462
4. Lewis Hamilton, Mercedes-GP 00:12.885
5. Max Verstappen, Red Bull Racing 00:13.276
6. Fernando Alonso, McLaren 01:11.223
7. Carlos Sainz Jr, Toro Rosso 1 lap
8. Sergio Perez, Force India 1 lap
9. Esteban Ocon, Force India 1 lap
10. Stoffel Vandoorne, McLaren 1 lap
11. Daniil Kvyat, Toro Rosso 1 lap
12. Jolyon Palmer, Renault 1 lap
13. Kevin Magnussen, Haas 1 lap
14. Lance Stroll, Williams 1 lap
15. Pascal Wehrlein, Sauber 2 laps
16. Marcus Ericsson, Sauber 2 laps
17r. Nico Huelkenberg, Renault 3 laps
r. Paul Di Resta, Williams 10 laps
r. Romain Grosjean, Haas 50 laps
r. Daniel Ricciardo, Red Bull Racing 70 laps
The specs: 2018 Opel Mokka X
Price, as tested: Dh84,000
Engine: 1.4L, four-cylinder turbo
Transmission: Six-speed auto
Power: 142hp at 4,900rpm
Torque: 200Nm at 1,850rpm
Fuel economy, combined: 6.5L / 100km
The specs: McLaren 600LT
Price, base: Dh914,000
Engine: 3.8-litre twin-turbo V8
Transmission: Seven-speed automatic
Power: 600hp @ 7,500rpm
Torque: 620Nm @ 5,500rpm
Fuel economy 12.2.L / 100km
