Kuwaiti “Wadi Al-Baraka” negotiates with heirs of “Saleh Kamel” to buy 1,100 feddans on the northern coast

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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.