Saudi Arabia’s Rawabi Holding, a market leader in the kingdom serving major sectors including oil and gas, marine, industrial, contracting and manufacturing services, has announced its foray into the country's real estate sector with the launch of its new unit Magnom Properties.

Through Magnom Properties, the real estate vertical of the company, Rawabi will oversee the construction of high-value commercial, residential and lifestyle projects in Saudi Arabia, Egypt and the wider Mena region.

The ambitions evinced by Rawabi Holding was evident during the high-level board meeting that took place at the company’s headquarters in Al Khobar, which was also attended by the world-renowned American architects Adrian Smith and Gordon Gill, representing their firm AS+GG Architecture.

Prior to starting their firm, Smith was the Design Partner at Skidmore, Owings & Merrill LLP (SOM) that was responsible for the design of the world's tallest structure, Burj Khalifa, as well as the masterplan for The King Abdullah Economic City, Trump International Hotel & Tower in Chicago, the Jin Mao Tower in Shanghai and the Zifeng Tower in Nanjing.

AS+GG Architecture also designed the Jeddah Tower, which when completed will become the world’s tallest structure, as well as the Al Wasl Plaza's dome, which was the center piece for the Expo 2020 held recently in Dubai.

Additional notable projects include Astana World Expo 2017, Burj Vista in Dubai, and Central Park Tower in NYC, which is currently the world’s tallest residential tower.

On the strategic move, Abdulaziz Al Turki, the Group Chairman of Rawabi Holding and Nesma & Partners; aand Chairman of Magnom Properties, said: "Our venture into real estate will focus on creating dynamic environments and developments, which will cater to the rapidly evolving lifestyles, aspirations of businesses, industries, and future generations."

"We will also be conscious of Quality, Reliability, Timely Delivery and Sustainability of our projects. These values are intrinsic to Rawabi Holding, through its 40 years of existence and will be reflected in Magnom Properties," added Al Turki.

Othman A. Ibrahim, CEO of Rawabi Holding and Vice Chairman of Magnom Properties, said: "We understand how crucial it is to keep developing our business sectors, and expanding into real estate has been a part of our growth strategy. With Magnom Properties, we will ensure to maintain an unwavering compliance to the core principle of sustainability, which has been the driving force behind the development of our high-profile projects, aligned with the objectives of Saudi Vision 2030, as stipulated by the Kingdom’s leadership."

"We will focus on projects fashioned by world-class, contemporary design solutions, and attention to the environment," he stated.

Magnom Properties CEO Maged Marie said: "Real estate and construction continue to be key drivers for a non-oil economy in the region. As countries are focused on achieving their Net Zero goals, Magnom Properties aspires to be part of the solution on climate change."

"With Adrian Smith and Gordon Gill as our architects, we are confident we have the right expertise to do so. AS+GG architectural designs have evolved tremendously over the years to become more versatile and sustainable, exploring newer technologies, eco-friendly materials and other energy-efficient practices in their design concepts that will help build a more sustainable future for generations to come," he added.

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