PIF-backed developer Roshn is engaging with international banks to raise up to SAR 2.6 billion ($666 million) in the first quarter of 2025 as it adapts to the changing market in Saudi Arabia. Discussions are ongoing with four international banks, including JP Morgan and Standard Chartered, Fahad Al Ghamdi, the firm’s executive director, treasury and insurance, told Zawya. In the shorter term, Roshn expects to raise SAR 18 billion in total from local banks by the end of 2024, with a SAR 9 billion credit facility with six Saudi banks announced last month. Roshn was originally founded to build 400,000 homes as part of Saudi Arabia’s Vision 2030 goal of 70% home ownership; the country reached 63.7% home ownership in 2023. Roshn has branched out into commercial and retail and…

  Riyadh: The General Authority for Statistics (GASTAT) has released the real estate price index for the third quarter of 2024, with figures indicating a 2.6% increase compared to the same period in the previous year.   The primary driver of the overall increase in real estate prices in Q3 2024 was the residential sector, which saw a 1.6% annual growth. This growth was attributed to a 1.6% increase in residential land prices, a 1.9% increase in apartment prices, and a 1.5% increase in villa prices.   The commercial sector also experienced significant growth, with a 6.4% increase in prices in Q3 of 2024 compared to the same quarter in the previous year. This was primarily driven by a 6.3% increase in commercial land prices and an 8.6% increase in building…

Saudi Arabia - Ardara Development Company, a wholly-owned unit of Saudi sovereign wealth fund PIF (Public Investment Fund) has announced that it has signed up top architectural firm OBMI and global partner Parsons for the development of its flagship AlWadi hospitality project. A transformative mixed-use waterfront development, AlWadi features well-designed residences, thriving commercial, and vibrant retail spaces, along with exhilarating entertainment outlets that aim to attract both locals and tourists year-round. Ardara (Arabic for Our Land, Our Home), will come up over a sprawling 2.5 million sq m, dedicating more than 30% of the project’s area as green open spaces, with 16 km of waterfront extending across the length of the project, and 17 km of sport trails and cultural…

Saudi Arabia’s King Abdullah Financial District (KAFD) is planning to raise $700 million through a real estate investment trust (REIT) to fund further development, according to Bloomberg. The financial centre real estate project in Riyadh will put some of its income-generating buildings into a trust to offer a stake to investors through a listing on Tadawul, the Saudi stock exchange. The final amount raised could be closer to $750 million, Bloomberg said, citing people familiar with the matter, with Citigroup Inc, HSBC Holdings Plc and Al Rajhi Capital hired as advisors on the deal. Saudi sovereign wealth fund PIF took over the development in 2016 following its launch in 2007.  

Riyadh, Saudi Arabia – Kingdom Holding Company announced that its associate firm, Jeddah Economic Co., has signed a SAR 7.2 billion (approximately $1.9 billion) agreement with the Saudi Binladin Group to resume construction of the Jeddah Tower. Any remaining costs will be financed through internal resources and banking facilities. Infrastructure development for the first phase, spanning 1.3mn sqm, has been completed, including essential services such as electricity, water, sewage, flood drainage, and high-speed internet connectivity. Once finished, the Jeddah Economic Company Tower will join an exclusive group of mega-tall skyscrapers- buildings that reach 600 metres or taller – according to The Council on Tall Buildings and Urban Habitat. Currently, only four…

The upcoming edition of Cityscape Global, the region’s leading real estate event, will be the biggest in the international series’ history, said its organiser Tahaluf, a joint venture between the Saudi Federation for Cybersecurity, Programming, and Drones, Events Investment Fund and Informa, one of the world’s biggest tradeshow organisers.   With a heightened B2B and investment focus for the second annual instalment in Saudi Arabia, Cityscape Global 2024 is poised to retain its standing as the largest property showcase of its kind globally, with 400+ exhibitors, 500+ speakers, and 7 conferences.   For 2024, Tahaluf has added additional sector profiles to the Cityscape Global line-up. Joining the portfolio are Stadiums and Attractions, Sustainable Smart…

Saudi-based Ladun Investment said its key subsidiary, Built Industrial Company, has been awarded a SAR646 million ($172 million) contract for the development of The Point, a 75,000 sq m mixed-use project on King Fahd Road at Abha in the Asir region of the kingdom. The contract was awarded by Real Estate Development Fund Company, a private closed real estate investment fund owned by the Red Sea Asir Company and the Tourism Development Fund. On completion, the project will boast a shopping mall, a hotel as well as variety of entertainment facilities in addition to administrative buildings, open spaces and gardens, said Ladun Investment Company in its filing to Saudi bouse Tadawul. A unique retail and hospitality destination, The Point aims to provide an exceptional retail, lifestyle,…

Retal Urban Development Company has announced that it has awarded a SAR224.4 million ($59.7 million) construction contract to one of its key subsidiaries, Building Construction Company, for a key project located in the Saudi port city of Jeddah. As per the deal, Building Construction Company will be responsible for the construction of 442 residential units within the South Jeddah development, said Retal in its filing to Saudi bourse Tadawul. The entire work will be completed within a 30-month period, it added. On the financial impact, the company stated that it is expected to have a positive impact on the results post the start of the project execution for 2024 , 2025 ,2026 & 2027.

Banan Real Estate Company plans to establish a simplified joint stock firm for investment and real estate development, according to a bourse disclosure. The board members approved the new entity, which will be developed with Al Azizah Real Estate Investment and Development Company and other shareholders. Meanwhile, the joint venture will own, manage, and develop lands as well as buildings. In August, Al Azizah Real Estate obtained a SAR 50 million loan from Riyad Bank to expand business activities. During the first half (H1) of 2024, Banan Real Estate posted a 45.21% year-on-year (YoY) leap in net profit to SAR 20.05 million, compared to SAR 13.81 million. Revenues jumped by 83.63% to SAR 59.52 million from SAR 32.41 million.

The second edition of Cityscape Global, the region’s leading real estate event, is set to be the biggest in the international series’ history with focus on 'The Future of Living', featuring over 400 top exhibitors in addition to more than 500 speakers and 7 conferences, according to the event organisers Tahaluf. Tahaluf is a joint venture partnership between the Saudi Federation for Cybersecurity, Programming, and Drones, Events Investment Fund and Informa, one of the world’s biggest tradeshow organisers. Taking place from November 11 to 14 at the Riyadh Exhibition and Convention Center, Malham, Cityscape Global 2024 will be held under the theme ‘The Future of Living’, sponsored by the Ministry of Municipalities and Housing (MOMAH), supported by the General…

RIYADH - Ajdan Real Estate Development has announced the signing of an agreement with Aljazira Capital to establish a project amounting to about SR2 billion to build mixed-use towers as well as to launch the Aljazira Ajdan Real Estate Fund. This was part of a new strategic partnership and an extension of previous partnerships between the two entities.The project, which spreads over an area exceeding 21000 square meters, is located in the heart of Riyadh, in a prime geographical location in Al-Rahmaniyah district, at the intersection of two key roads, King Fahd Road and King Abdullah Road. It is also close to major landmarks, including the Ministry of Municipalities and Housing, King Abdullah Financial District (KAFD), King Saud University, King Salman Park, Kingdom Tower, Dallah…

Egypt - Mountain View for Real Estate Development and Investment is planning to begin its operations in Saudi Arabia before the end of this year, Chairman Amr Soliman told Asharq Business.   The company is set to make its debut in the Saudi market by launching a project in Riyadh, in partnership with Maya Real Estate Development and Investment and Al Saedan Real Estate, Soliman noted.   He added that his company targets up to SAR 2 billion in sales from its new project in the kingdom.   Furthermore, the firm seeks to boost its investments in Egypt by pumping up to EGP 30 billion in into projects in 2025, compared to EGP 15 billion in investments targeted for the current year, Soliman revealed.   Additionally, Mountain View is set to launch three projects in…