In a significant step forward for real estate development in Saudi Arabia, the National Housing Company (NHC), in collaboration with Talaat Mostafa Group - Saudi Arabia, marked a milestone with the foundation stone laying of 'Banan' City in northeast Riyadh. Sales for this visionary project are set to commence on Wednesday, May 15, 2024. The ceremonial event was graced by the presence of His Excellency Ihab bin Ghazi Al Hashani, Deputy Minister of Municipal Rural Affairs and Housing, alongside notable figures such as Mr. Mohammed Bin Saleh Albuty, CEO of NHC, Mr. Hisham Talaat Moustafa, Chairman of Talaat Mostafa Group—Saudi Arabia, and Mr. Sulaiman A.K. Al Muhaidib, Vice Chairman of Talaat Mostafa Group—Saudi Arabia, among other distinguished board members and senior leaders…

Saudi Arabian developer NEOM is set to add around 1,200 residential units to its portfolio, including hundreds of luxury villas and marina apartments.   The company launched on Wednesday its latest master-planned real estate project, Jaumur, a marina destination off the coast of the Gulf of Aqaba.   The project is designed to accommodate more than 6,000 residents and will feature 500 marina flats and nearly 700 luxury villas with waterfront access and private mooring.   The exclusive residential community will also be home to two hotels with 350 luxurious rooms and suites that promise to offer “breathtaking views” and enable visitors to enjoy “modern coastal hospitality” and sporting activities.   The community will be built around the…

Saudi Arabia is expected to see higher off-plan sales, which will boost revenue and profit of developers, S&P said in a new report.   Off-plan development has the potential to reduce the sector’s funding needs as it offers the convenience of pre-financing construction by accelerating cash collection and de-risking developers, the rating agency said.   Off-plan transactions increased by 52% in the kingdom in the first half of 2023.   “We expect the strong growth will continue, supported by a reported 9% increase in off-plan developer numbers over the same period.”   Saudi Arabia introduced the regulation of off-plan sales under the government-initiated Wafi programme five years ago.   Although this segment is expanding, it is not…

RIYADH — The Saudi ‘Ejar’ platform has obligated tenants to make an one-time payment of an amount toward the rental property’s guarantee at the time of concluding the contract, and this guarantee is aimed to ensure the property’s return without damage.   The Rental Services E-Network or Ejar platform made it possible to reserve the value of the guarantee from the tenant’s wallet upon documenting the contract. The guarantee amount will be kept with Ejar portal as a neutral party. Upon expiry or cancellation of the contract, a form for the return of the housing unit to the landlord will be issued after approval by both parties, and the amounts due to both parties will be returned automatically as a balance available in their own electronic…

The UAE’s real estate market is expected to witness a slowdown in price increases, dropping by nearly 10% by the end of 2024, according to S&P Global Ratings. Speaking at a media roundtable, Tatjana Lescova, Associate Director at S&P Global Ratings spoke about the outlook of the UAE’s real estate sector and the upcoming supply inventory that will impact the market. “If you look at the real estate sector today, the first three months of the year [2024] saw double digit growth compared to last year and the prices are continuing to rise. So, we generally think prices will increase on a full-year basis at [the rate of] 5% to 7% this year,” she said. “But this also points towards a deceleration in growth because prices in 2023 increased by almost…

Saudi Arabia - A consortium of Saudi contractor El Seif Engineering and Beijing-based China State Construction Engineering Corp has emerged as the frontrunner for the contract to build the world’s tallest tower, the 1,000-m-plus Jeddah Tower in Saudi Arabia, reported Meed citing sources. An ambitious project for the Kingdom Holding Company, the Jeddah Tower, once completed, will be taller than Dubai’s Burj Khalifa by more than 172m. It is the centrepiece of the Jeddah Economic City development. The project’s first phase, which includes the main tower, covers an area of 1.5 million sq m, it stated. Besides the El Seif consortium, those in the race are Lebanon’s Consolidated Contractors Company (CCC); and Kuwait’s Mohammed Abdulmohsin Al Kharafi…

Riyadh –  Retal Urban Development Company has signed a SAR 240 million agreement with its subsidiary Building Construction Company to build eight residential buildings in Riyadh.   The agreement was signed on 25 April 2024 for 26 months, according to a bourse filing.   In 2023, Retal Urban Development recorded a 17.66% year-on-year (YoY) decrease in net profit, falling to SAR 202.35 million from SAR 245.74 million reported in the previous year.  

RIYADH — Diriyah Company has announced on Monday the launch of Zallal, its premier mixed-use commercial office and retail development slated to open in early 2025 in the Bujairi District of Riyadh.The project will feature two low-rise office buildings and twelve retail and food & beverage outlets, encompassing over 14,000 square meters of leasable space designed to accommodate around 500 employees.RIYADH — Diriyah Company has announced on Monday the launch of Zallal, its premier mixed-use commercial office and retail development slated to open in early 2025 in the Bujairi District of Riyadh.The project will feature two low-rise office buildings and twelve retail and food & beverage outlets, encompassing over 14,000 square meters of leasable space designed to…

Saudi’s Ajlan & Bros Holding Group plans to provide initial investments worth $1.5 billion to establish tourism projects in Egypt’s Ras Jamila region overlooking the Red Sea coast, according to sources cited by Asharq Bloomberg.   The Saudi group submitted an official proposal to the Cabinet. The proposal outlines the development of approximately 10 hotels, with ratings varying from 4 to 5 stars, in the region of Sharm El-Sheikh, to create up to 3,000 hotel rooms.   The deal’s initial investment will focus on the hotel infrastructure and will not include the valuation of the land, according to sources.   Furthermore, the completion of the deal is dependent on other projects being negotiated with Egypt, and all contracts for these projects will be…

Thimar Development Holding Company has established a new company called Thimar Towers Development and Real Estate Investment Company   The newly created firm, a limited liability company of one person, is headquartered in Riyadh, according to a bourse disclosure.   Thimar pointed out that the fully-owned subsidiary will support its business strategy concerning real estate investment and development.   In 2023, the Tadawul-listed firm registered 120.94% year-on-year (YoY) higher net losses at SAR 6.53 million, compared to SAR 2.95 million.   The accumulated losses hit SAR -259.88 million as of 31 December 2023, which represented 103.95% of the company’s capital. This is higher than the SAR 233.82 million accumulated losses incurred at the end of September…

Riyadh: ROSHN Group today signed a Sale and Purchase Agreement, worth over SAR215 million, with partner developer Dar Al Arkan that will see Dar Al Arkan acquire and develop residential villas in SEDRA 1A, said a ROSHN press release.ROSHN’s latest partnership with a Saudi developer is part of the group’s overarching strategy to partner with best-in-class entities across a range of domain-specific services, including project developers.

PIF-backed Saudi developer ROSHN Group has signed a deal worth over 215 million riyals ($57 million) with Dar Al Arkan to develop residential villas.   The two developers have signed a sale and purchase agreement, following a similar agreement last year, that will see Dar Al Arkan acquire and develop residential villas in phase 1 of Sedra development, a statement from ROSHN said on Monday.   Sedra is ROSHN’s first project in the kingdom and is being developed over eight phases.   The real estate developer is fully owned by Public Investment Fund (PIF).