Sources: 2.5 million pounds, the price of an acre … and the deal was settled in the first quarter of this year
The Kuwaiti Wadi Al-Barakah General Trading and Contracting Corporation is negotiating to buy 1,100 acres of the “Smla and Alam Al-Rum” Company for Urban Development, owned by the heirs of Saudi businessman Sheikh Saleh Kamel, in the area of ”Fouka” in the North Coast.
A source connected to the negotiations told the “Stock Exchange” that the Kuwaiti company had submitted an offer to buy and develop an area of 1,100 feddans from the heirs of the Saudi businessman Sheikh Saleh Kamel, owner of the “Smla Alam Al-Rum” Company for Urban Development, and the company set 2.5 million pounds for the feddan price.
The source added that the Kuwaiti company is planning to develop a residential and tourism project in the Fouka area in the northern coast, and the “Smla and Alam Al-Rum” Urban Development Company maintains an area of 200 acres to develop a tourism project other than the land to be sold to the Kuwaiti company.
He explained that the company «Samla Wal Alam Al-Rum» owns a plot of land with an area of 1300 acres and decided to offer 1,100 acres of the total area to investors and major real estate development companies, while it will preserve an area of 200 acres to develop a tourism project affiliated with it.
The source expected the conclusion of negotiations and the settlement of the deal during the first quarter of this year, especially since it was postponed a while ago due to the repercussions of Corona and the suspension of flying.
The source pointed out that the value of the land will be paid in installments within a period determined by the company that owns the land and will not exceed two years from the contract.
The “Dallah Al-Baraka” group, owned by Saudi businessman Sheikh Saleh Kamel, established the “Simla and Alam Al-Rum” Company for Urban Development in 1994 and bought 5 million square meters of the northwestern coast for the purpose of developing it and establishing tourism projects.
The article, “Wadi al-Baraka,” Kuwaiti, as the heirs of “Saleh Kamel” negotiated the purchase of 1,100 acres in the North Coast, was written in Al-Borsa newspaper.