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Roshn Group and TMG explore building 55,000 homes in Riyadh
A new joint venture between Roshn Group and Talaat Moustafa Group Saudi (TMG) is exploring the development of a mixed-use project in Riyadh.
Roshn Group is wholly owned by the sovereign Public Investment Fund (PIF), while TMG is a joint venture between Egypt’s Talaat Moustafa Group and Dammam-based Al Muhaidib Group.
The two companies plan to carry out detailed master planning and develop a business case for the project, which will primarily be a residential-led mixed-use community with more than 55,000 homes.
Roshn and TMG Saudi have signed a preliminary agreement to establish the joint venture, with Roshn holding a 49 percent stake and TMG 51 percent, PIF said in a statement.
Naaman Atallah, group CEO of Roshn Group, said the company is committed to unlocking the potential of its strategic land bank through partnerships with leading developers.
Further reading:
- Saudi Arabia to build first Expo 2030 housing project via PPP
- Reality of war tests Saudi hopes for southern tourism
- Saudi developer launches $700m fund for second Medina project
In January 2021, Crown Prince Mohammed bin Salman announced an ambitious plan for Riyadh, aiming to more than double its population and make it one of the 10 richest cities in the world.
PIF is currently spearheading several giga-projects and residential developments in line with Vision 2030, aimed at increasing housing ownership by Saudi citizens to 70 percent.
However, Saudi Arabia’s then-minister for investment was replaced within days of suggesting that some giga-projects be deprioritised in February.
This month, PIF launched the Gulf Coast Development Company, a new company to develop a tourist and residential destination in the Eastern Province.
Source: AGBI