The deal between the nation’s leading real estate developer ROSHN and the Saudi real estate company Al-Akaria will see the development of residential villas within SEDRA, ROSHN’s flagship community in Riyadh.
The SAR 323.7M deal follows the SAR 142M-million-riyal land sale to Al-Akaria announced earlier this year and will add to the variety of high-quality housing units available in the development, which is enlivening northern Riyadh with its unique mix of integrated, walkable residential neighbourhoods supported by world-class amenities.
“Strategic partnerships are a key pillar for achieving ROSHN’s goals. Our agreement with Al-Akaria enables us to contribute to the government’s drive to increase homeownership in the Kingdom and is an important step towards ROSHN’s goal of developing the domestic real estate sector,” said ROSHN Group CEO, David Grover.
Mr. Ibrahim Al-Alwanai, CEO of Al Akaria, said: “Strategic partnerships are considered one of the most important factors for growth and development, especially in the real estate sector, and we are delighted, at Al-Akaria, to work with ROSHN on the development of the ground-breaking SEDRA community.”
