Central Jeddah Redevelopment Project
Posted by fawaz on Monday, September 20, 2010
Under: Saudi News
Strategic Decisions Group Advises Arab Gulf Consortium in Central Jeddah Redevelopment Project
Rendition of the new city center for
the Jeddah Central District.
The Jeddah Municipality has appointed the consortium as sole developer of the Central Jeddah Project. The consortium consists of regional and international development companies including Urban Development Company Ltd. (Saudi Arabia), Solidere International (UAE), Siraj Capital (Saudi Arabia), Commercial Real Estate Company (Kuwait), and Venture Capital Bank (Bahrain).
The project, anticipated to transform a largely vacant waterfront region in Jeddah into a thriving business and financial district, is the culmination of strategic advisory services from Strategic Decisions Group (SDG), a US-based management consultancy with a major practice headquartered in Beirut.
SDG has advised the consortium on the overall project strategy, corporate structure, and business model, as well as the strategy for the public-private partnership. The megaproject is the first public-private partnership on such a large scale in Saudi Arabia. It aims to boost Jeddah's economic advantage by creating a sustainable mixed-use development that is conducive to a diverse and metropolitan economy.
"This project will be the first of several development projects in Jeddah to be taken up through cooperation between the private and public sectors," said His Excellency Eng. Adel Fakeih, Mayor of Jeddah.
Consortium Chairman Dr. Ghassan Al Sulaiman added, "Strategic Decisions Group has advanced this effort by recommending a strategy and structure that contribute significant value not only to the property owners and consortium that will be driving the project, but also to the citizens of Jeddah."
Dr. Mazen Skaf, SDG's managing director for Europe and the Middle East, oversaw SDG's advisory services. "This project brings together the expertise of world-class developers and the vision of the Jeddah municipal government to build a thriving city center incorporating sustainable and environmentally friendly design," he said. "The strategy and master plan create significant value for the community, the property owners, and the consortium while meeting the objectives of the Jeddah Municipality for remediating the lagoons, upgrading the waterfront, and restoring the Historic District."
Work on Central Jeddah Project is expected to commence immediately once the project-owning companies, the Jeddah Central District Company and the Historic District Company, are formally incorporated.
Rendition of the new city center for
the Jeddah Central District.
The Jeddah Municipality has appointed the consortium as sole developer of the Central Jeddah Project. The consortium consists of regional and international development companies including Urban Development Company Ltd. (Saudi Arabia), Solidere International (UAE), Siraj Capital (Saudi Arabia), Commercial Real Estate Company (Kuwait), and Venture Capital Bank (Bahrain).
The project, anticipated to transform a largely vacant waterfront region in Jeddah into a thriving business and financial district, is the culmination of strategic advisory services from Strategic Decisions Group (SDG), a US-based management consultancy with a major practice headquartered in Beirut.
SDG has advised the consortium on the overall project strategy, corporate structure, and business model, as well as the strategy for the public-private partnership. The megaproject is the first public-private partnership on such a large scale in Saudi Arabia. It aims to boost Jeddah's economic advantage by creating a sustainable mixed-use development that is conducive to a diverse and metropolitan economy.
"This project will be the first of several development projects in Jeddah to be taken up through cooperation between the private and public sectors," said His Excellency Eng. Adel Fakeih, Mayor of Jeddah.
Consortium Chairman Dr. Ghassan Al Sulaiman added, "Strategic Decisions Group has advanced this effort by recommending a strategy and structure that contribute significant value not only to the property owners and consortium that will be driving the project, but also to the citizens of Jeddah."
Dr. Mazen Skaf, SDG's managing director for Europe and the Middle East, oversaw SDG's advisory services. "This project brings together the expertise of world-class developers and the vision of the Jeddah municipal government to build a thriving city center incorporating sustainable and environmentally friendly design," he said. "The strategy and master plan create significant value for the community, the property owners, and the consortium while meeting the objectives of the Jeddah Municipality for remediating the lagoons, upgrading the waterfront, and restoring the Historic District."
Work on Central Jeddah Project is expected to commence immediately once the project-owning companies, the Jeddah Central District Company and the Historic District Company, are formally incorporated.
In : Saudi News