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…

Leading Saudi real estate developer and a PIF company Roshn Group has opened registration for the participants of Musahama Design Competition - Emerging Design Firms Track - with the registration due by September 30.   Part of PIF’s Musahama programme, it aims to qualify and select designs for facilities and amenities within the flagship Sedra community.   The contest is designed to boost local content and empower national talent in line with Vision 2030, said the statement from the developer.   Musahama Design Competition: Sedra Pedestrian Spine offers rising architects, including final-year students and recent graduates of architecture programs, as well as emerging local design firms, the opportunity to envision the future of living in the…

The Egyptian government launched 543 new real estate projects in the country last year with initial investments worth $363 million, Asharq Business reported, citing Deputy Minister of Housing Walid Abbas. Abbas highlighted that 86% of the total new projects are held by the private sector. He added that the government allocated 1,350 industrial land plots of an area of 17,393 feddans worth EGP 26 billion for investors and developers last year.

The Egyptian real estate company Tatweer Misr is planning to launch its first real estate project in Saudi Arabia’s Riyadh, in partnership with Naif Alrajhi Investment, Tatweer’s CEO Ahmed Shalaby told Asharq Business.   The project is set to be carried out on an area ranging from 2 to 3 million square meters by the end of 2024, Shalaby noted.   He added that his company is considering other investment opportunities in the Saudi market with government entities.

Mountain View for Real Estate Development and Investment has launched "Mountain View KSA," marking its first step in expanding regionally, as per an emailed press release. The company has partnered with Maya Real Estate Development and Investment Company and Al Saedan Real Estate Company to acquire its first plot of land in Saudi Arabia’s capital, Riyadh. This acquisition is part of Mountain View’s long-term plan to develop several urban projects in Saudi Arabia, aligning with the country's Vision 2030 goals. The move comes as the Saudi real estate market grows rapidly, driven by a booming population and strong economy. This expansion highlights Mountain View’s commitment to "Bringing Life to Land and Spreading Happiness Around Us" throughout the region. Mountain…

Saudi Arabia’s drive to develop giga projects in the kingdom has resulted in an uptick in the total value of its real estate development plan to $1.3 trillion, rising by 4% from 2023, despite a slowdown in commissioned projects that witnessed a drop in value by $85 billion, according to the global property consultancy Knight Frank data.  Saudi’s Vision 2030 diversification plan that has propelled a shift in the kingdom’s dependence on oil and gas production, has given rise to a construction boom where real estate and infrastructure projects continue to contribute to the country’s GDP. Yet, on one hand, even as the kingdom’s project pipeline hit a valuation of $249 billion, according to Knight Frank’s latest ‘Saudi Giga Projects…

Riyadh: The Minister of Municipalities and Housing, Majed bin Abdullah Al-Hogail, witnessed today the reaffirmation of a collaboration between ROSHN Group and Tarmeem, a charity focused on renovating homes.According to a press release from ROSHN, the partnership aims to improve the quality of life for Saudi citizens and support social development.ROSHN and Tarmeem plan to renovate 100 homes across the Kingdom for the second year as part of ROSHN's YUHYEEK social responsibility program, which aims to enhance the well-being of communities.Over 500 volunteers from ROSHN and the wider community renovated 100 homes in 2023, benefiting more than 700 Saudi citizens. The release said the partnership with Tarmeem reflects ROSHN's commitment to improving the living conditions of those in need and…

Saudi Arabia - Rize, a groundbreaking Property Tech company, has received Sharia certification for its rent payment solution from the Shariyah Review Bureau (SRB), a leading Sharia advisory services provider. This certification represents a significant milestone for Rize, which is committed to transforming the real estate rental experience through innovative payment solutions. Rize has unveiled a distinctive financial model that allows tenants to convert traditional annual rent payments into manageable monthly installments. This flexibility greatly reduces the upfront financial burden on tenants while ensuring landlords receive the full annual rent upfront, thus providing immediate liquidity and minimising vacancy periods. This model aligns perfectly with the objectives of Saudi Vision…