Aref Investment Groupand International Ejarah & Investment Company Alliancein mid-April signed a contract with SBG to invest $390 million in the Zamzam project, which covers the construction of a 31-storey tower with 1,457 apartment units. SBG will also act as the contractor on the project.

The complex will - for the first time - enable Muslims from across the world to own real estate in close proximity to the holy site. Buyers will be able to chose from units facing the Holy Mosque in Kabaa or the Holy Kabaa directly. The project will be managed by an international company which has yet to be appointed.

The Zamzam tower is part of a larger scheme comprising another three complexes - Hajar, Safa and Al-Marwa - which will provide a total of 5,500 housing units.

Shareholders in Aref Investment Group, which has a paid-up capital of $50 million, include the Islamic Development Bank. Companies holding a stake in International Ejarah & Investment Company Alliance include Public Authority for Social Security, Kuwait Finance Houseand Kuwait Securities.