Proposal of Venice Island in Jeddah, Saudi Arabia

[Olive touch]

New project of Venice Island in Jeddah, Saudi Arabia


No politics + no useless talks= long leasing posts!

Please keep politics away!

Location as it is shown in The Southern Cornich of Jeddah facing the
Red Sea.

It can fit 316 thousands of people.

Size: 2.20.899.155 M

Will take 18 to 19 months to finish.

http://www.aldoribe.com/Upload/Picture_12_13.gif

http://www.aldoribe.com/Upload/BPicture_47_15.gif

http://www.aldoribe.com/Upload/BPicture_48_15.gif

http://www.aldoribe.com/Upload/BPicture_44_15.gif



More Images:

This one was by HiJazzy:

http://www.almadinapress.com/images/ArticlePict/md15260/10821.jpg

http://www.aleqtisadiah.com/SiteImages/EqNews/4424.jpg

You can see water canals in the heart of the island.

http://www.aleqtisadiah.com/SiteImages/EqNews/4507.jpg


Source: Saleh Al Dorebe Group for Development & Real Estates Investments:

http://www.aldoribe.com/

[SkyFan]

Does anyone knows for sure if they are going to build a new stadium near by that project any soon?

[Olive touch]

Does anyone knows for sure if they are going to build a new stadium near by that project any soon?

(WAS) news site was talking about the Stadium project while ago. WAS is
the most trusted source and if they said something that means it's going to
happen Inshallah.

The new stadium:

http://q8hotels.com/saudi/images/jeddah.jpg

[Olive touch]

More info:

Some strategies of Venice Islands Project:

1st strategy:

1- Connecting main streets to those Islands.
2- Developing the Corich st. Since the project is taking 8000 m of
space, developing those streets going to match best qualities.
3- Water canals constrictions. With the size of 2 m 4.179831, with
the depth of 5 meters.
4- Connecting those Islands together with streets and bridges.
5- Facilities and services, lights, sewers…etc.

2nd Strategy:
1- Bridges: Creating 34 bridges 4 of them are on the Cornich st.
2- Creating walk sides
3- Creating bridges for walkers.
4- Creating gardens playgrounds in each island.
5- Creating the characters of each Island such as Al Musmak castle in
Riyadh Island.

[Olive touch]

5 Photos I scanned from a Magazine:
(BTW Magazine is Originally Arabic word used in English) :D.

The Island will have 17 main Islands:

1) Costal Island South
2) Lost Island
3) Palace Island
4) Riyadh Island
5) Life Island
6) Global Island
7) Blue Island
8) Green Island
9) Ladies Island
10) Comfort Island
11) Tower Island
12)Nile Island
13) Bay Island
14) Business Island
15) High Island
16) Tomorrows Island
17) Costal Island North



http://i2.photobucket.com/albums/y38/tomorrowhope/sari5002.jpg

http://i2.photobucket.com/albums/y38/tomorrowhope/sari5001.jpg

http://i2.photobucket.com/albums/y38/tomorrowhope/sari5.jpg

[Anas Anani]

Hey Olive thanx, its all over the news lol, I have to purchase a villa there hehehe for my marriage inshallah in 2 years :D.

[SkyFan]

Although that I invested in it, I'm still doubting that such a project will succeed in Jeddah!!

[Olive touch]

Thanks all,
I can imagine Anas Anani and SkyFan living in the same Island and waving for
each others :).

[SkyFan]

Thanks all,
I can imagine Anas Anani and SkyFan living in the same Island and waving for
each others :).
LOL
Yea, and I'll give him 2/3rd of my pay check everymoth LOL

[Olive touch]

LOL
Yea, and I'll give him 2/3rd of my pay check everymoth LOL

Oh my god I did not mean it this way :lol: hopefully this one wont start a
new argument. You guys are like Tom and Jerry!

[Anas Anani]

HAahahhaa Olive thats a good one! :D.
Skyfan it will same way the Palm island in dubai is doing!
Olive touch there is many advertisments going on and on on gulf television channels thought, Not many are investing here in jeddah.... 95% of the island is saudi investments.
I wonder why they keep advertising thought... people in kuwait,Qatar,Bahrein, and UAE are more interested in palm island, than Al-bunduqia...

[SkyFan]

Skyfan it will same way the Palm island in dubai is doing!

I really hope so, but I just don't see it happening.

[Anas Anani]

hahah talking with a grudge leads no where,

Olive touch said: No politics + no useless talks= long leasing posts!

Please keep politics away!

[Olive touch]

Jeddah: Venice Islands Project moves ahead

The chairman of Saleh al-Daribi for Real Estate Investments and Development Group, Saleh al-Daribi, disclosed that his group succeeded in covering 74% of the subscription in Venice Islands Project's shares, which is located in the south of Jeddah province.

According to al-Watan newspaper, the shares were offered to the public for the past 25 days, while number of shares sold reached 153,952 with a value of 1.439 Saudi Riyal ($383.7 million). This sum is equivalent to 10,000 SR (2,600$) per share.

Al-Daribi spoke during a press conference the Group held in order to notify businessmen and investors about the engineering details of the project.

Al-Daribi added that the Group won a law suit submitted by a person argued that he owned the land of the project, and requested a 22 million SR ($5.8 million) compensation for the damages it faced as a result of this suit.

The company allocated special financing of 25 million SR ($6.6 million) for accomplishment of 5 roads to connect the project with the main city entrances.

Venice Islands project, which is one of the largest island project in the world, is located on the southern coast of the city of Jeddah on a 21 million square meters area. The investment strategy in the project is based on four main stages, including subscription, investments in construction of special projects on certain islands, investments in real estate, and property management.

[Olive touch]

I really hope so, but I just don't see it happening.

I wonder why?

[Anas Anani]

hahahah Olive i understand what u mean ;)

[smussuw]

New project of Venice Island in Jeddah, Saudi Arabia


No politics + no useless talks= long leasing posts!

Please keep politics away!

Location as it is shown in The Southern Cornich of Jeddah facing the
Red Sea.

It can fit 316 thousands of people.

Size: 2.20.899.155 M

Will take 18 to 19 months to finish.



http://www.aldoribe.com/Upload/BPicture_46_15.gif



What is Dubai doing here?

[Qatar4Ever]

where is dubai ?!

[SkyFan]

I wonder why?
I really don't have time right now and I'll be out of town until April 9th but I'll list my three major concerns briefly,
1. The Location;
• Too far (40 km from Tahliah st.)
• South of Jeddah (not a popular spot)

2. Too big comparing to similar projects done in Saudi Arabia like Dorrat Al Aroos and Sunset Beach.

3. The credibility of Al-Doribi group in their advertisments;
• They told me that the contact has been given for the construction of the proposed stadium.
• They used pictures from Dubai and Abu Dhabi and used them as renderings in the project booklet.
• They also said that it's 7 times the Palm of Dubai.

[Anas Anani]

I really don't have time right now and I'll be out of town until April 9th but I'll list my three major concerns briefly,
1. The Location;
• Too far (40 km from Tahliah st.)
• South of Jeddah (not a popular spot)

2. Too big comparing to similar projects done in Saudi Arabia like Dorrat Al Aroos and Sunset Beach.

3. The credibility of Al-Doribi group in their advertisments;
• They told me that the contact has been given for the construction of the proposed stadium.
• They used pictures from Dubai and Abu Dhabi and used them as renderings in the project booklet.
• They also said that it's 7 times the Palm of Dubai.

1. The Location;
• Too far (40 km from Tahliah st.)

Why does it need to be close?

• South of Jeddah (not a popular spot)

it doesnt need to be in a popular spot.


2. Too big comparing to similar projects done in Saudi Arabia like Dorrat Al Aroos and Sunset Beach.

what does this has to do with anything?

3. The credibility of Al-Doribi group in their advertisments;
• They told me that the contact has been given for the construction of the proposed stadium.
• They used pictures from Dubai and Abu Dhabi and used them as renderings in the project booklet.
• They also said that it's 7 times the Palm of Dubai.[/QUOTE]

again what does this has to do with anything? and are you sure they are all pics from dubai and abu dhabi? i dont recalling seeing a replica of masmak fort in dubai or abu dhabi!

[Olive touch]

Hello all,

The real photo of the location been used as example. They used one photo
from Dubai as well as a photo from, Abu Dhabi and a photo from Venice. The
drown photos are part of the island.

Southern Jeddah has so beautiful version waterfront. So many big names
invested on the project. Also Al Durabi is well known for his good reputation.
I am hopping this project to finish.

Thanks all.

[Olive touch]

Venice Islands Project Yet to Get Final Approval
Maha Akeel, Arab News

JEDDAH, 4 April 2005 — While the marketing campaign and sale of shares in
the new mega real estate investment project in the southern corniche of
Jeddah, Venice Islands, is at a high pitch, the Jeddah Municipality and the
Higher Committee for the Development of Makkah Region both announced
that the project has not yet received their final approval.

For the past few months there has been a wide media campaign of the
Duraibi Group for Real Estate Development and its project Venice Islands in
Jeddah’s southern corniche, an area which has been neglected for years as
most real estate development projects were expanding north thus doubling
the size of Jeddah. During the past two weeks the Duraibi Group and its
Chairman Saleh Al-Duraibi have held meetings in Jeddah and Riyadh with real
estate investors and businessmen to explain the scope of the project and
methods of investment in it with more meetings to be held in other cities and
in the neighboring Gulf countries.

According to the Al-Duraibi’s announcements in the newspapers, the project
costs between SR10 billion and SR15 billion and it includes residential,
commercial and entertainment facilities over a 20 million square meter area at
a strategic location close to the city with roads and highways connecting it
to it which are already under way. “Investment in the project has reached
close to 75 percent for the 70 percent of the property offered for investment
which is valued at SR1.4 billion. The remaining 30 percent of the land is
owned by the group,” Al-Duraibi was quoted in Al-Hayat newspaper. He
pointed out that the group now owns the whole property by a legal deed. Al-
Duraibi said that the total number of founders for the project is 3,300, 2,600
of whom have already received their capital investment plus profits. In his
meetings with investors, he called on them to take this opportunity and buy
any of the available lot sizes and enter into an agreement with the group as
a developer and marketer for the project, in return the investor is sold the lot
at 15 percent discount and can pay the price in installments and has the
option of selling the lot for a profit. In an interview with Al-Eqtisadiah on
Saturday, he explained that only 30 percent of the land is allocated for real
estate merchants while the other 70 percent is strictly for developers. He
refuted accusations and rumors that the whole project is simply for the
reselling of the lots for a profit after the completion of all the infrastructures
rather than a serious development project.

The project was issued a permit by the Ministry of Commerce to be offered
as a real estate investment project, but the problem is that the development
project of Venice Islands has not been approved by the Municipality or the
Higher Committee for the Development of Makkah Region. Dr. Sami Barhamin,
secretary general of the committee, announced in the newspapers that the
committee is still studying the project to verify its feasibility and compliance
with environmental, social and economic considerations.

“The project’s file is being subjected to technical reviews and studied by the
committee in cooperation with the developer,” Dr. Barhamin confirmed to Arab
News. He could not state how long that will take but the committee is
evaluating the project from all points to reach an agreement for the
appropriate requirements. As for the consequences of this evaluation on the
project, he said that the announcement was to make the investors aware of
the situation and the decision is theirs.

The municipality also confirmed to Arab News that the development project
has not yet been approved by it. “We have just received the plans for the
project and we’re in the process of reviewing them,” said Ahmed Al-Ghamdi,
PR assistant director at the municipality. “The developer should not have
advertised it until he received our approval, and we have made an
announcement in the local papers that the project has not been approved
yet but some of the papers refused to publish it for fear of losing advertising
money for the project,” he said. At this time they cannot do anything except
raise the public’s awareness.

Real estate agents have already predicted a rise in property prices in
southern Jeddah because of the project. “As a project it is an excellent idea
to develop south Jeddah but the system should be correct for implementing it
in order to protect investor’s money, not lose their confidence and not to
leave the property hanging in case it failed,” said Mohammed Al-Sharif,
secretary-general of the Jeddah Chamber of Commerce and Industry. Similar
projects were proposed before in Jeddah and other cities where shares are
sold to investors but while the project is being approved the money collected
is used by the developer in other businesses inside or outside the country
and is no longer available for the initially proposed project thus leaving it
hanging. “We should implement a mechanism for protecting investor’s money
by holding the money allocated for the project in a special bank account and
not allow it to be used for anything else,” he told Arab News.

[Bahraini Spirit]

The chairman of Saleh al-Daribi for Real Estate Investments and Development Group, Saleh al-Daribi, disclosed that his group succeeded in covering 74% of the subscription in Venice Islands Project's shares, which is located in the south of Jeddah province.



According to al-Watan newspaper, the shares were offered to the public for the past 25 days, while number of shares sold reached 153,952 with a value of 1.439 Saudi Riyal ($383.7 million). This sum is equivalent to 10,000 SR (2,600$) per share.



Al-Daribi spoke during a press conference the Group held in order to notify businessmen and investors about the engineering details of the project.



Al-Daribi added that the Group won a law suit submitted by a person argued that he owned the land of the project, and requested a 22 million SR ($5.8 million) compensation for the damages it faced as a result of this suit.



The company allocated special financing of 25 million SR ($6.6 million) for accomplishment of 5 roads to connect the project with the main city entrances.

Venice Islands project, which is one of the largest island project in the world, is located on the southern coast of the city of Jeddah on a 21 million square meters area. The investment strategy in the project is based on four main stages, including subscription, investments in construction of special projects on certain islands, investments in real estate, and property management.

[HiJazzey]

The project is in trouble. SAMA has frozen their bank accounts, and the municipality hasn't awarded them the permits because they haven't submitted the required documents.

[Olive touch]

Yes HiJazzy I was reading about it and so many roamers spread around. But the project is going fine I read it in the Newspaper: of Al Sharq Al Awsat.
Here is the article with this address:

«الدريبي» العقارية تنفي تجميد حساب مساهمة جزر البندقية وتؤكد إغلاقها برصيد 533 مليون

http://www.asharqalawsat.com/view/e...,13,293274.html

[Olive touch]

Edit.
Al hamdulilah, the project is going fine.

[HiJazzey]

شمس يغيب خبر يبان

[Olive touch]

حكم ياحجازي. فعلا شوية صبر ما حتضر.

[SkyFan]

Chill guys, the problem is resolved and that guy who ran to Dubai is NOT Al-Doribe.

[Sonic from Padova]

WOW!

[Olive touch]

تم فتح الحسابات اليوم
The project is fine now.

[zx]

Yesterday I read in the newspaoer that this was a big lie, Saudi government has cought the man responsible about this project and stoped all the dealing in his accounts, same with his wife and children accounts, I dont know if that is true or not yet, same thing happened few months ago in Dubai when the group responsible for advertizing for a chess shapped compound with towers like chess, so hey there dont believe everything you hear.

[Olive touch]

With all that advertisements, with all those trusted investors, with all those
big names, with all the support from the government, with the support of
Prince Abudl-Majeed, with the investing of the bilinear Al Balawi......!!!!!!!!

Now the (Amana of Jeddah) is saying that they never gave the promotion to
build the Island and they never seen the proposal/ study of the project!!!

DUAH are we in a zoo?!

After collecting billions of S.R which is over 80% of the money to start the
project!!!

I am very surprised! After reading the article, now who to trust?!?!?

I read it in Al Arabiya news (http://www.alarabiya.net/Article.aspx?v=12373)

حذر من المساهمات العقارية التي لا تستوفي الشروط

أمين جدة: مشروع "جزر البندقية" لم يعرض على الأمانة

حذر أمين محافظة جدة المهندس عادل محمد فقيه من المساهمات العقارية التي لا تستوفي
الشروط، مشيرا إلى أن مشروع جزر البندقية لم يعرض على الأمانة ولم تقدم أي طلبات تراخيص
بناء بشأنه, ونصح المواطنين في حال رغبتهم الدخول في أي مساهمة أن يقوموا بالحصول على
كل التراخيص من جميع الجهات, وأن يكون هذا سلوكهم في "جزر البندقية" أو غيرها، فمبدأ الحذر
والتأكد يجب أن يكون ملازما لسلوك الاستثمار.....................etc.

[Olive touch]

Edit

[Anas Anani]

hahah Olive wallah seriously its kinda depressing now... who to trust? who is really behind the scams? whats all this have to do with what? Meet us next time on big time scams :D:D:D