The Royal Commission for Makkah City has announced that work has started on 10 five-storey residential buildings being developed as part of The Kidana Al Wadi project over a 33,000 sq m area near the Jamarat facility, strategically positioned for accommodation in Mina.     The project, which is being developed in co-ordination with Kidana Development Company, focuses on improving guest services, enhancing the urban landscape and facilitating movement within the site.   Located near the Jamarat facility, the project is part of the urban development projects for the holy sites, whose goal is to increase the accommodation capacity with modern architectural design and improved services, for pilgrims' comfort.   The Kidana Al Wadi project focuses on improving guest…

Ladun Investment Company inked a rental contract worth SAR 107.96 million with Real Estate Development Fund, according to a bourse disclosure.     The development fund will rent an administrative building, with an area of ​​11,247 square metres, consisting of four floors and a parking basement containing 300 spaces.   The agreement, which was signed on 4 June, holds a tenor of five years starting from 7 November 2024.   Ladun highlighted that the deal will reflect positively on its financial results during the period from 2024, 2025 to 2028   In April, the Tadawul-listed firm sealed two-year contract with UK-based Cheval Collection.

National Building and Marketing Company inked, on 4 June 2024, a SAR 350 million agreement with Al Fayzia Real Estate Development Company.     The two entities will team up to develop villas and residential apartments (Granada Riyadh Project), according to a bourse statement.   The three-year deal will cover the infrastructure and superstructure works, construction, finish, and building materials for the development project.   Meanwhile, the residential units will be established with specifications that do not conflict with those of the Saudi Building Code and the Ministry of Housing.   National Building highlighted that the project will reflect on its business results during the second half (H2) of 2024 and the coming years during the project completion…

ROSHN Group, Saudi Arabia’s leading national real estate developer, has revealed a refresh for ROSHN Waterfront, Jeddah’s landmark destination, which welcomes over 55 million people annually. This initiative, titled "Renewing and Coloring Your Steps," aims to enhance community engagement, empower creatives, and improve the public landscape.   The walkway will become a stunning masterpiece crafted by Saudi artists who have designed a new layout that celebrates the unique features of Jeddah. The length of the walkway, 3,200 meters long and 5 meters wide, totaling 16,000 square meters, will be brought to life and painted by over 200 volunteers from Jeddah at the end of May. The new look for ROSHN Waterfront will be unveiled to the public in early June. The initiative is a…

he New Murabba Development Company, a subsidiary of Saudi Arabia's Public Investment Fund (PIF), has opened invitations to premier design and engineering firms worldwide for the next phase of the Mukaab project.   The Mukaab, destined to be an iconic landmark, promises to transform Riyadh's skyline and become the centerpiece of the city's new downtown. The project has already seen significant progress, with nearly 5 million cubic meters of excavation complete and piling activities set to begin in the second quarter of this year. The final design is expected to be finalized by the third quarter of 2024.   With this call, the New Murabba Development Company seeks to forge partnerships with firms excelling in post-concept design, independent design review, quality engineering…

Building Construction Company Limited, a subsidiary of Retal Urban Development Company, was awarded a SAR 2.89 billion project contract with Roshn Group.     The listed company’s unit inked the deal with Roshn, owned by the Saudi Public Investment Fund (PIF), on 20 May 2024, according to a bourse disclosure.   The agreement covers the development, design, and infrastructure works of 1,962 residential units in Aldanah project Site 1 in Dharan City.   Meanwhile, the contract holds a tenor of 45 months, starting from the date of the land handover from Roshn to Building Construction.   Retal expected that the project would have a positive impact on its financial results during the period from 2024 to 2028.   In the three-month period that ended…

Despite global economic challenges and a GDP that was revised downward by 0.8% last year, the office market in Saudi capital Riyadh has maintained its robust performance in the first quarter of 2024 and remains a key contributor to the economy, driven by the resilient performance of the non-oil sector, according to global real estate expert Savills.   The Kingdom’s Purchasing Managers’ Index (PMI) rose to a healthy 57.2 in February of this year, marking the fastest rise in output in five months and confirming the non-oil economy’s role as a major GDP supporter. This marks the 42nd consecutive month where the PMI has exceeded the 50-point threshold, indicating ongoing expansion in the non-oil sector. Amjad Saif, the Head of Transactional Services at Savills in…

Saudi-based Retal Urban Development Company has signed sub-development agreement with the National Housing Company (NHC) to develop 295 residential units in the suburbs of capital Riyadh at a total investment of SAR660 million ($176 million).   These homes will come up over a total area of 93,482.76 sq m in Murcia zone of Khozam suburb, said Retal in its filing to Saudi bourse Tadawul.   On the financial impact, Retal said this agreement will have a positive impact on the financial results from 2024 through to 2027.   This deal comes close on the heels of a SAR240 million ($64 million) contract awarded last month to Retal's key subsidiary Building Construction Company (BCC) for the construction of eight residential buildings in Sedra district in Riyadh…

NEOM, the developer of Saudi futuristic city, has unveiled plans for Jaumur - the largest cosmopolitan luxury community set on the coast of Gulf of Aqaba - as the latest addition to its evolving regional development in northwest Saudi Arabia.     An exclusive residential community, Jaumur has been thoughtfully masterplanned around an inspiring marina for more than 6,000 residents.   Embedded into the varied topography of the Gulf of Aqaba coast, it features 500 marina apartments and nearly 700 luxury villas, boasting waterfront access and private mooring.   Two distinctive destination hotels within Jaumur offer 350 luxurious rooms and suites, inviting guests to enjoy the breathtaking views and embrace all aspects of modern coastal hospitality and sporting…

   Shapoorji Pallonji, a major Indian construction conglomerate, has announced that it has secured a design and build contract from Roshn, the leading national real estate developer powered by Saudi Arabia's Public Investment Fund, for a major residential project in Riyadh.   The scope of work includes development of 429 single-family residential units within Phase Two of Roshn's flagship project - Sedra - in Riyadh.   Shapoorji Pallonji Middle East is assigned to develop the vibrant new community in the most thriving location of KSA, said the Indian construction conglomerate in its LinkedIn notification.   "Our project team is excited to deliver the high-quality homes with best amenities for the residents," it added.   These residential apartments…

Saudi Arabia - Roshn Group, a leading Saudi real estate developer powered by the kingdom's sovereign wealth fund PIF, has signed an agreement with Malahi, a major player in the country's entertainment sector, to further enhance its venues as the destination of choice for entertainment seekers.   As per the deal, Malahi will place the latest self-operating arcade technology under its Remote brand in the Saudi developer's select venues including Roshn Front, said the company in a statement.   These arcade machines, which are self-operating and feature the latest in payment technologies, will raise the quality of life for Roshn’s visitors and residents, diversifying the entertainment options on offer and making its destinations as the places to visit for leisure and fun,…

Saudi Arabia's National Housing Company has joined hands with the Talaat Mostafa Group for the ground breaking of its premium development - Banan City - being set up at a total investment of SAR40 billion ($12 billion) in Northeast Riyadh. Strategically located near vital hubs like King Khalid International Airport and Riyadh Expo 2030, Banan City is poised to be a cornerstone in Riyadh’s northeast expansion. It will feature over 27,000 residential units, including apartments, villas, and lands, catering to diverse family housing needs at competitive pricing. Spread over a sprawling 10 million sq m area, Banan City promises to redefine urban living as a smart city and will be home to more than 120,000 residents. The mixed-use gated community will encompass various services,…