Saudi Arabia’s ROSHN Group and TMG Saudi sign a preliminary deal to explore a massive mixed-use Riyadh development with more than 55,000 homes.
The developers have signed a preliminary agreement to establish a joint company to explore and develop a residential-led mixed-use project in the capital. TMG would hold a controlling 51 per cent stake in the joint company, with ROSHN Group owning the remaining 49 per cent.
The preliminary studies indicate the project could comprise more than 55,000 residential units alongside retail, commercial, hospitality and leisure developments. The two companies will now carry out detailed masterplanning and develop the project’s business case.
Naaman Atallah, Group CEO of ROSHN Group, said: “ROSHN Group is committed to unlocking the potential of its strategic land bank through partnerships with leading developers that share our ambition for creating exceptional destinations. We are pleased to explore this opportunity with TMG Saudi and assess how our combined expertise can contribute to the development of a world-class mixed-use project that enriches quality of life and supports the objectives of Saudi Vision 2030.”
