$ 8.2 billion real estate project in Um al-Qewin

United Arab Emirates (UAE) and Saudi Arabian investors announced that they intend to establish an ambitious real estate project at a cost of 30 billion Dirham ( $ 8.2 billion). This project is to be carried out over 15 years, and work on it will start later this year. Its first phase will last for five years.

The holding Real Estate Building company in the UAE said that it will be the right of foreigners to own houses in the residential and trade project on the grounds that the renting contract will be for 99 years.

Each of the holding UAE-based Real Estate Building company and the Saudi al-Rajihi group each owns a share of 38.5% of this project. The project will be built in Um al-Qewin Emirate.