Roshn Group, Saudi Arabia’s leading multi-asset class real estate developer, and Talaat Moustafa Group Saudi (TMG), one of the Middle East’s most experienced community developers, have entered into a deal to establish a joint venture company that will be responsible for the development of a residential-led, mixed-use community in Riyadh.
The agreement establishes a framework for the two groups to evaluate a potential partnership for the phased development of the project.
The concept under evaluation is for a residential-led, mixed-use community supported by retail, commercial, hospitality, leisure, healthcare and education facilities, together with parks and public spaces.
As per the deal, Roshn Group and TMG Saudi will undertake detailed master planning and business case development for the project. The project is expected to comprise more than 55,000 residential units, according to preliminary studies.
The duo will help unlock further investment opportunities spanning residential and commercial developments, as well as hospitality, retail and fully integrated human-centric communities, drawing on Roshn Group's extensive land bank and Talaat Moustafa Group's proven track record in delivering large-scale mixed-use developments.
On the new venture, Roshn Group Chief Executive Officer Naaman Atallah 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," he added.
Group CEO and Managing Director Ahmed Hani Talaat Moustafa said: "Saudi Arabia offers an exceptional environment for urban development, and we value the opportunity to explore this project with Roshn Group. We will now work with our partners to assess how our experience in building integrated communities contributes to supporting the urban transformation underway across the Kingdom."
The two groups are set to bring their respective experience through a collaborative approach, combining Roshn Group’s knowledge of the Saudi market and its track record in contributing to the urban development and delivering integrated, human-centric communities and destinations with TMG Saudi’s experience in developing large-scale, mixed-use developments, he added.-TradeArabia News Service
