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The Myriad, a student community living brand developed and operated by Dubai-headquartered Strategic Housing Group (SHG), is expanding its footprint across the UAE and Saudi Arabia, with longer-term plans to enter Africa, Malaysia, and Europe, a senior SHG executive said.
"We are currently focusing on expanding The Myriad's footprint in the UAE - in Dubai, Abu Dhabi, Sharjah, and Al Ain - but we cannot disclose more details at this stage. As we speak, we are also looking at acquiring several lands in the UAE,” said Vik Rao, SHG’s Group CEO in an exclusive interview with Zawya Projects.
Today, The Myriad Dubai hosts 2,300 students, establishing itself as a key player in the region, while the 400 million UAE dirhams ($109 million) The Myriad Muscat, which opened in 2021, accommodates 2700 female students and young professionals.
Rao said the company’s strategy is driven by structural gaps in student housing provision across education hubs
“Although most universities provide housing, many prioritise academic offerings and R&D over student accommodations. This gap led us to establish our presence in Dubai a decade ago, followed by expansions into Oman, Nigeria, and Saudi Arabia.”
The UAE’s student housing sector has gained momentum in recent years, with Abu Dhabi home to the GCC’s largest student accommodation project to be developed under a public-private partnership (PPP) model. Meanwhile, Arada - the Sharjah-based joint venture backed by Sheikh Sultan bin Ahmed Al Qasimi and Prince Khaled bin Alwaleed bin Talal - has delivered Nest, a AED 700 million ($191 million) student accommodation project located within its Aljada master community in Sharjah.
Saudi potential: 100,000+ beds
In Saudi Arabia, Rao also serves as Group CEO of Dedicated Housing Company (DHC), a 2 billion Saudi riyals ($533 million) joint-venture fund backed by SHG, Sumou Global Investment and Majd Investment, focused on developing co-living communities for professionals and students.
"Our Saudi project values range between SAR 500 million to 1 billion ($133 million to $267 million) in cities including Riyadh, Jeddah, and Dammam," he said, adding that the projected student accommodation demand between these three and other cities is well over 100,000 beds.
“We are in discussions with multiple key universities in the Kingdom to develop sizable student living communities with at least 3,000 to 4,000 rooms in each location, mainly in Riyadh and Jeddah," he added.
Rao highlighted a pressing global issue: in many countries, students face waiting lists of up to two years for housing, underscoring the urgent need for innovative solutions.
“We aim to fill this gap and set a new trend by offering student living communities that leverage economies of scale. Our focus is on enriching the community experience through events, discounts, and job opportunities, making it challenging for competitors to match our offerings," he said.
Except in Dubai, the company targets areas around universities, focusing primarily on domestic students to secure demand and income while reducing reliance on international enrolments. “This avoids risks such as geopolitical tensions, economic pressures, and potential travel restrictions,” he said.
According to a recent company statement, The Myriad is assessing key land parcels ranging from 20,000 to 50,000 square metres (sqm) in Saudi Arabia to develop a series of student communities in proximity to universities and public transportation.
This strategy aligns with the Kingdom's rapidly growing university enrollment, increasing demand for affordable, high-quality housing in support of the Vision 2030 initiatives, which encourage private-sector participation.
Global ambitions
“In the long run, we are also looking to expand our footprint in Africa, where we are currently developing in Abuja, Nigeria,” said Rao. The Myriad Abuja began its development in 2023.
"We are also looking at other cities such as Lagos in Nigeria (no specific timelines yet), and in South Africa, especially in Cape Town and Stellenbosch," he added.
There are other ventures on the anvil. "We also have long-term plans for similar projects in Malaysia, namely Putrajaya and Iskandar Malaysia," he said.
"Besides, we are in talks for a collaboration with an international company focused on Europe, specifically Spain and the Netherlands for now," he added.
In terms of project financing, the group typically structures a project by either acquiring the land or partnering with a land or property owner.
“Upon completion of the preliminary design and feasibility studies, we then invite our capital partners to participate as equity investors alongside banks with debt funding,” said Rao.
(Reporting by Sona Nambiar; Editing by Anoop Menon)
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