Riyadh, Saudi Arabia: ROSHN, Saudi Arabia’s national community developer, powered by the Public Investment Fund (PIF), has held a groundbreaking ceremony on the site of the recently announced flagship Riyadh community. A number of executives attended the ceremony, including Group CEO David Grover.
The event marks a major milestone in the development of ROSHN’s first community as part of its mandate to develop communities across the Kingdom, which will deliver more than 30,000 homes, with more than 4,000 to be built in the first phase. It forms part of ROSHN’s wider long-term strategy to contribute to the rapidly increasing demand for housing across the Kingdom.
Speaking at the event, ROSHN Group CEO, David Grover, said: “Breaking ground today is incredibly symbolic for all involved; it heralds the official start of a much-anticipated development that represents a new era of community living, whilst making meaningful contributions the nation’s real estate sector.”
Last month the community developer announced the signing of SAR 1.6 billion worth of contracts relating to the construction of ROSHN homes and other critical areas of development, including infrastructure and water works, environment and valley arms protection, site supervision, fit outs and more.
Off-plan homes will be available for sale during the first half of 2021.
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About ROSHN
ROSHN is a national community developer powered by the Public Investment Fund (PIF) to deliver high quality residential neighbourhoods to Saudi nationals. The company is committed to actively supporting Vision 2030’s plans to increase the rate of home ownership to 70%. ROSHN’s mandate is to develop large-scale modern and integrated communities in nine cities across four regions in the country. The communities will advance the nation’s construction and infrastructure sectors through strategic partnerships with local organisations; knowledge-transfer with world-leading entities; and the sourcing of local building materials.
ROSHN will play an integral role in the delivery of PIF’s ‘Saudi Real Estate & Infrastructure Development Investment Strategy’ whilst acting as an important catalyst for economic diversification. The communities will also make notable contributions to the GDP of Saudi Arabia and lead to significant job creation for Saudi nationals.
© Press Release 2020
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