Saudi Arabia’s PIF-backed master developer, Roshn Real Estate Co, is expecting a robust growth for the company as well as the broader Saudi real estate sector in 2024.
“Peering into 2024, we’re filled with enthusiasm. We anticipate not only robust growth for our enterprise but also a vibrant surge in the broader Saudi real estate sector, all underpinned by the prevailing confidence in the strong Saudi economy,” Yassen Kattan, Head of Strategy & Corporate Affairs, ROSHN, told Zawya Projects.
Roshn’s gross sales revenue for 2022 stood at 6.6 billion Saudi riyals ($1.76 billion). The master developer, set up by the PIF to meet the increasing housing requirements in the kingdom, is sporadically expanding and has announced a bevy of projects supporting infrastructure and community development.
Saudi Arabia has been trying to raise activity in the real estate market and increase home ownership to 70% by 2030.
Bloomberg reported that Roshn has lined up funding worth about 10 billion riyals as it embarks on many project developments across the kingdom.
Though the master developer has a crucial role to play in Saudi Arabia’s infrastructure development and meeting the local demand for housing, Roshn is also not averse to international projects.
“We’re not averse to the idea of international endeavours. Should opportunities arise that resonate with our foundational principles and objectives, we stand ready to lend our specialised expertise. Our aim would be to sculpt sustainable, vibrant, and community-centric developments that could redefine urban living in other markets,” Kattan said.
(Reporting by Seban Scaria; editing by Anoop Menon)