The Royal Commission for Riyadh City (RCRC) has announced that it has signed up JLL, a leading global real estate advisory firm, as the leasing advisor for the entire commercial network of Riyadh Metro, a landmark urban transformation project under Saudi Arabia's Vision 2030.

The RCRC is the authority leading Riyadh's comprehensive urban transformation and has developed the capital city's metro project in line with the Vision 2030 goals of establishing world-class infrastructure that benefits both residents and the broader business ecosystem.

As per the deal, JLL will leverage its global expertise and extensive market knowledge to execute a comprehensive retail strategy encompassing tenant mix, rental analysis, and leasing cycles for 733 commercial units across 85 metro stations and 2,900 bus stops.

Aimed at reshaping urban mobility in Saudi Arabia, Riyadh Metro is an extensive six-line network that seamlessly integrates business districts, residential communities, and cultural landmarks.

According to RCRC, the state-of-the-art rapid transit system is projected to serve 3.6 million daily commuters, offering lifestyle retail and F&B brands unparalleled daily exposure to a vast and diverse urban audience.

The retail units strategically located across prime locations within the Riyadh Metro network will establish new commercial corridors and enhance the daily commuter experience, providing easy access to a choice of prime shopping and dining experiences for both residents and tourists.

These commercial outlets, designed to maximize footfall and visibility, create unique investment opportunities for retail businesses and are expected to drive strong returns on investment through extensive brand visibility avenues, including co-naming rights, in-station advertising, and dedicated kiosks and units, it stated. 

On the big win, Dana Williamson, Head of Offices and Business Space for Mena at JLL, said: "Our strategic partnership as the leasing advisor for the Riyadh Metro commercial network is a powerful affirmation of JLL's commitment to championing Saudi Arabia's Vision 2030 and its ambitious urban transformation goals."

"We look forward to working alongside the RCRC to attract leading brands and create unparalleled opportunities for their expansion and strategic market positioning within this landmark infrastructural project. JLL’s global and local leasing expertise will maximise commercial viability for businesses in line with RCRC’s visionary blueprint, setting new benchmarks for the commercial real estate industry in Riyadh," stated Williamson.

According to RCRC, tthe leasing process for commercial units within the Riyadh Metro network is conducted through a transparent public bidding framework, with Request for Proposals (RFPs) disseminated via the FORAS Platform.

Each RFP encompasses multiple unit groups, typically comprising up to five units based on the released concept. Prospective bidders may submit offers for one or more units. The bidding will be awarded to the highest offer, following a rigorous technical evaluation.

As the leasing advisor, JLL said it will leverage its deep local market knowledge to develop a robust leasing and tenant mix strategy for Riyadh Metro’s commercial network, including tenant mix planning, performance review, leasing services and leasing management.

JLL will conduct detailed rental rate analysis, prepare a comprehensive report outlining commercial outlet opportunities, and create a definitive Tenant Manual and Policies guide.

The top real estate expert will execute the full leasing programme as well as manage competitive tender bids for retail units, ATMs, and convenient click-and-collect kiosks under the management of The Royal Commission for Riyadh City.

It will also oversee tenant management from the initial handover to its opening and provide continuous maintenance support.

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