Saudi Arabia’s national developer Roshn has announced the signing of 1.6 billion riyals ($430 million) worth of contracts as construction commences on its flagship 30,000-home Riyadh community.
Amongst those appointed is contractor Rezaik Abdallah Al-Gedrawy & Co. who will be developing part of the four thousand homes in the community during the first phase, which will be developed by Roshn and other partners. Additional partners include Zuheir Ahmad Zahran and Company, Al Akaria Hanmi, Posco E&C, AWJ International and C1 Company Building, who will be involved in other critical areas of construction including soil grading, sales and experience center, site supervision and more.
The Kingdom’s state-owned Public Investment Fund (PIF) launched Roshn as a real estate company this year.
Its aims include increasing home ownership in the Kingdom, incorporating the latest technologies and best practices to the construction sector, and developing modern neighborhoods to enhance the quality of life in the Kingdom in line with the Vision 2030 reform plan.
Roshn’s wider 10-year strategy is to contribute to the rapidly increasing demand for housing across the Kingdom.
Roshn Group Chief Executive Officer David Grover hailed the signing of the new contracts, saying they will play a pivotal role in realizing their ambitious housing plan.
“These are the first set of many important partnerships to come that will play a crucial role in enabling us to fulfill our national mandate to support the government’s efforts to increase the rate of home ownership to 70 per cent by 2030.”
“We will work together to further advance the nation’s construction sector. This is the foundation for many of ROSHN’s successes to come in Saudi Arabia.”
Roshn Group Chief Development Officer Noman Al Daajani said the awarding of the contracts was an important development for the group.
“This award is a significant achievement for ROSHN as we continue to make strong progress towards the development of our flagship Riyadh community.
“Our intention is always to work with partners who can deliver the kind of communities that our customers will be proud to call home.
Salem Abdulaziz Alsudais, CEO at Rezaik Abdallah Al-Gedrawy & Co, said the group was “delighted” to be selected as a valued partner of Roshn.
“We look forward to working with them to provide real value to the nation’s people,” he said.
The “Riyadh community” development will extend across 20 million square meters in the city.
The homes will be designed “to reflect the best of modern living whilst celebrating Saudi Arabia’s rich culture and heritage,” the company said in the same statement.
The communities will include mosques, retail and F&B outlets, parks, schools and leisure and entertainment facilities.
Off-plan homes will be available for sale during the first half of 2021.