May 2009 JEDDAH: The I slamic Corporation for the Development of the Private Sector (ICD) slamic Corporation for the Development of the Private Sector (ICD) , a member of the Islamic Development Bank, and Ewaan Global Residential Company (Ewaan), signed a partnership agreement at the end of Ewaan's first General Assembly meeting in Hilton Hotel, Jeddah.

The agreement was signed by Khaled Mohammed Al-Aboodi, CEO and general manager of the ICD ICD , and Saleh Bin Mahfouz, chairman of the Board of Directors of Ewaan.

This agreement stipulates the establishment of Ewaan Al-Fareeda Company, which will manage, develop and market Al-Fareeda project, located in the northwest of Jeddah on an area of 1.1 million square meters. It is a full service residential project that includes 2,500 housing units and will cost up to SR1.4 million.

Saleh expressed his pleasure at this agreement, which is the culmination of efforts made since the creation of the company at the end of 2007. He added that this company would implement a number of steps to achieve the objective of developing residential communities.

Al-Aboodi explained that ICD ICD contribution to the creation of Ewaan comes to complement its orientation to support private companies and institutions working on development projects, which serve large segments of the Kingdom's citizens and residents, especially housing projects.

Al-Aboodi also said that ICD ICD was one of the initiators and founders of Ewaan, which comes as part of its objectives in supporting the private sector. He added that such an integrated services housing project, unique in its genre, would serve middle income people and would be a milestone in the governorate of Jeddah.

© Arab News 2009 omar 1.1:zy