Eng. Abdulraheem Al-Towaijri, CEO of Mizat Development Company, and Mr. Abdullah Al-Shmassi, Senior Vice President & Head of Corporate and Institutional Banking Group, on behalf of Bank Aljazira, signed the agreement.
On this occasion, Eng. Al-Towaijri said that the residential project that is located in Al-Hada neighborhood in west Riyadh, which is one of the finest residential neighborhoods, exceeds a total area of 40,000 sq.m that will be implemented in two phases.
The first phase consists of 48 residential units which is build an area of 325-665 sq.m, while the second phase consists of 50 residential units, having in total 98 residential units.
He confirmed that Mizat Development Company puts its entire experienced and specialized administrative and engineering staff to develop "Darat Al-Hada" project so as to represent an added unique quality to urbanization in Riyadh.
The beauty of the project is highlighted by the diverse modern lifestyle designs that provide comfort and settlement, and embodies the quality and prestigious elements produced by the company.
Eng. Al-Towaijri stated that the project is characterized by its location and vital proximity to many important areas and facilities, such as the Diplomatic neighborhood, Convention Palace, Royal Court and King Faisal Specialist Hospital. Also, the project is easily reached via the surrounding road network that provides smooth and flexible entry and exit from the neighborhood.
On the other hand, Mr. Abdullah Al-Shmassi, Senior Vice President & Head of Corporate and Institutional Banking Group said that: "Bank Aljazira has continuously supported investment and real estate companies as it trusts the availability of potential investment opportunities in the sector and its economic viability, and to meet the growing demand for housing."
He also pointed that: "Mizat Development Company has solid experience in implementing residential projects and our funding to "Darat Al-Huda" project of Mizat Development Company demonstrates the goals of Bank Aljazira to deepen its engagement with real estate development companies, which in turn contributes to strengthening the role of our wise government in providing citizens with suitable housing."
For his part, Eng. Mohammad Al-Saja, Chairman of Mizat Development Company's Board of Directors said that this agreement reflects the interest of the company to establish strategic relationships with banks and local and regional companies in order to create real estate products, which embody visions that satisfy customer expectations and keep up with their trust in the company."
He added: "Mizat Development Company is proud to have Bank Aljazira part of the development of "Darat Al-Hada" project, which is one of our recent development projects, and we will be committed to employ the best technologies in the field of construction taking into consideration the high standards that characterize the company."