Binghatti Developers is looking to open sales offices in two major cities in Saudi Arabia amid efforts by the UAE-based real estate firm to court investment from the kingdom, according to Muhammad Binghatti who is chief executive officer and head of architecture.

Binghatti Developers is eyeing the launch of an office each in Riyadh and Jeddah within two months, with the facilities likely to be staffed by local Saudis, according to an article in Construction Week Online. Binghatti Developers may also develop projects in the kingdom, the CEO said this was not in the pipeline at the moment.

He added, “We’re focusing mainly on Dubai. But, in terms of our sales strategy, would be top of the list. There’s a lot of cash in Saudi; a lot of investors are looking for investable products. They are willing to deploy, but it is an issue of providing the right product, pitch, and package.”

The developer is marketing its Binghatti Gateway development at Cityscape Abu Dhabi 2019. The development is valued at roughly $54.4m. It was launched by the developer earlier this week.

The CEO said that Moblisation work is done on-site and we have just begun some excavation works. Handover is expected to be around December 2020.

Granada Europe Construction has been appointed at the main contractor for the project, with the Dubai-based firm having also worked on Millennium Binghatti Residences in Business Bay.

Additively, Abu Dhabi Cityscape 2019 was inaugurated by HH Sheikh Hazza bin Zayed Al Nahyan, Deputy Chairman of Abu Dhabi Executive Council. The event is being held under the patronage of HH Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

Source: Construction Week Online

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