Al Ramz Real Estate Company announced the signing of a strategic agreement with Roshan Group, a national real estate developer and one of the major projects wholly owned by the Public Investment Fund, to purchase and develop residential land with a total value of SAR 91 million. This step aims to strengthen cooperation between the public and private sectors in order to achieve the goals of the Kingdom's Vision 2030 in the real estate sector.
Background of the partnership and the goals of Vision 2030
Roshn Group is a key player in realizing the Kingdom’s ambitions to develop sustainable urban infrastructure and increase homeownership to 70% by 2030. Roshn develops integrated residential communities across the Kingdom, characterized by a modern lifestyle and high quality, making it an ideal partner for private sector real estate developers like Al Ramz. These partnerships not only accelerate the pace of residential project implementation but also ensure the application of the highest standards of quality and sustainability, providing diverse housing options that meet the growing needs of Saudi families.
Details of the agreement and its future impact
According to a statement issued by Al Ramz Company and published on the Saudi Stock Exchange (Tadawul) website, the agreement includes the development of residential units on a 14,128-square-meter plot of land. The project is expected to result in the construction of approximately 240 modern residential units. The contract duration is 36 months, commencing from the date of handover of the allocated land. The company clarified that the positive financial impact of this transaction is expected to be reflected in its financial results for the years 2026, 2027, and 2028, reflecting a long-term investment vision and confidence in the stability and growth of the Saudi real estate market.
Economic importance of the local market
This agreement represents more than just a commercial transaction; it is a catalyst for local economic activity. The development of this project will create direct and indirect employment opportunities in the construction, contracting, engineering, and building materials sectors. Such projects also contribute to stimulating the local supply chain, supporting small and medium-sized enterprises (SMEs) and enhancing local content. Regionally, this partnership underscores the attractiveness of the Saudi real estate market and its ability to attract high-quality investments, further solidifying the Kingdom's position as a leading urban development hub in the region.
