In an era marked by rapid urbanization and a growing focus on sustainability, ROSHN, a wholly-owned subsidiary of Saudi Arabia’s Public Investment Fund (PIF), is emerging as a game-changer in the Kingdom’s real estate industry. The company is not merely a participant but a catalyst in the country’s ambitious real estate development plans, aligned with the broader objectives of Saudi Vision 2030.
The Genesis of ROSHN and Saudi Vision 2030
Saudi Vision 2030 serves as a comprehensive roadmap for the Kingdom’s future, encompassing a myriad of objectives that span various sectors. One of its pivotal goals is to enable 70% of Saudi citizens to own homes. ROSHN has been instrumental in this endeavor, with plans to construct approximately 400,000 residential units. According to Oussama Kabbani, ROSHN Group’s Chief Development Officer, the company has already established thriving communities in Riyadh, where nearly 500 families have taken up residence.
ROSHN is not limiting its scope to Riyadh alone. The company is in the process of announcing its inaugural project in Mecca, described by Kabbani as a “sizable community for ownership.” By the year 2030, ROSHN aims to complete 30-35 residential units, leading to the formation of a small town named SEDRA. Additionally, the company is extending its reach to other key cities like Jeddah, addressing the increasing demand for modern, sustainable living spaces.
Sustainability is not just a buzzword for ROSHN; it is a foundational principle that aligns with Saudi Vision 2030’s goals to minimize carbon emissions and promote social and economic sustainability. ROSHN is committed to using sustainable materials, incorporating solar energy solutions, and advocating for 15-minute cities to encourage walkability and reduce vehicular dependence.
The real estate market in Saudi Arabia is robust, primarily driven by a young demographic that is increasingly leaning towards smaller, more affordable housing options. While property ownership remains a desirable goal, Kabbani notes a rising demand for rental properties, both residential and commercial. This trend is fueled by a job market that caters to both Saudi nationals and expatriates.
Saudi Arabia presents an unparalleled business opportunity, particularly in the real estate sector. Kabbani strongly believes that any serious business must consider the Saudi market. The country is contemplating legal reforms that could potentially open doors for foreign investors, adding another layer of attractiveness to an already burgeoning market.
ROSHN is actively seeking long-term partnerships and has recently signed contracts worth SR8 billion ($2.1 billion) to develop modern infrastructure across its projects. The Public Investment Fund (PIF) and its portfolio companies are keen to collaborate with the local private sector to achieve the objectives of Vision 2030, as stated by PIF Governor Yasir Al-Rumayyan.
ROSHN is not just a real estate development company; it is a critical component of Saudi Arabia’s transformative journey towards becoming a global economic powerhouse. With its focus on sustainability, community development, and market responsiveness, ROSHN is setting new benchmarks in the real estate sector, contributing significantly to the Kingdom’s Vision 2030 objectives.
- ROSHN is a pivotal player in Saudi Arabia’s real estate sector, aligned with the objectives of Saudi Vision 2030.
- The company is focusing on sustainability as a core principle, incorporating it into its development projects.
- The Saudi real estate market is robust, driven by a young population and a growing demand for both ownership and rental properties.
- ROSHN is open to partnerships and collaborations, aiming to contribute to the Kingdom’s long-term development goals.