Global Arab Network | Mahmoud Abbas lays the cornerstone of Al-Reehan neighborhood

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Mahmoud Abbas lays the cornerstone of Al-Reehan neighborhood

Global Arab Network - - George Haddad

Monday, 29 June 2009 21:58

On Monday 29th June, 2009, the cornerstone of Al-Reehan, the new landmark neighborhood in Palestine pioneered by the Palestine Investment Fund ('PIF'), will be placed by President Mahmoud Abbas.
Al-Reehan is a mixed use neighborhood, which includes a commercial centre, school, health clinic, hospital, a place of worship and Byzantium Historical Park. The neighborhood entails the development of approximately 2,000 residential units on 250,000m2, with residential units of various types and sizes.

The neighborhood will be developed by Al- Reehan Real Estate Investment Company, a fully owned subsidiary of PIF.

Al-Reehan is situated on a hill-top strategic location in the AlBireh-Ramallah suburban area, 800m above sea level with 360 degree panoramic views. The neighborhood taps into the location's value generative potential in context of its proximity to the Ramallah-Bireh metropolis: As part of the envisaged development corridor in the direction of Birzeit university.

Moreover, the cornerstone ceremony will also mark the signing of an agreement between a lead Palestinian Company, The Arab Medical Centre, and Al-Reehan Real Estate Investment Company, for the development of a world-class hospital on Al-Reehan site with a cost of $15mn. The hospital, will encapsulate best in class and cutting edge medical practices, to serve the wider metropolitan area.

Infrastructure works for Al-Reehan commenced on March 20th 2009. Al-Reehan has estimated project value of $200mn. Al-Reehan Real Estate Investment Company will develop 250 residential units as the first package of Phase 1 of the neighborhood.

Dr.Mohammad Mustafa, Chairman and CEO of the Palestine Investment Fund stated:
'Al-Reehan represents a new phase in real estate development in Palestine, reinvigorating the sector and bringing together all relevant stakeholders as partners. I am delighted today to see the signing of an agreement between a lead Palestinian Company, The Arab Medical Centre, and Al- Reehan Real Estate Investment Company for the development of a hospital on the site.'

Dr. Mohammad added 'We invite developers from Palestine, Jordan, the Gulf, and internationally to help build Palestine as partners together.'

Global Arab Network

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