Rikaz, a leader in real estate development, has signed several agreements pertaining to the hospitality sector worth a total of SR440 million ($117.14 million) at the ongoing Cityscape Global exhibition in Riyadh.

 

One of these agreements is with Kerten Hospitality, an end-to-end lifestyle hospitality operator creating bespoke destinations, experiences, and communities, to provide hospitality services for serviced apartments within the Uptown project, with investments exceeding SR260 million. The agreement aims to offer an advanced living concept centered on human experience.

 

Also, Rikaz signed an agreement with Sedco Capital as part of establishing a real estate investment fund to develop a project in the hospitality sector in Riyadh, with investments exceeding SR180 million, strengthening the company's capabilities in this vital sector.

 

Interactive experience

Besides, in its vast exhibition booth, spanning more than 425 sq m, Rikaz showcases a wide range of its residential, commercial, logistical, and hospitality projects, providing an interactive experience for visitors that reflects the company's approach to building integrated communities. 

 

The booth includes a special section to display projects by "ZAYA," one of the companies recently launched by Rikaz as part of its expansion plan.

 

The booth is innovatively designed to guide visitors on an introductory tour of the company's various projects. It will demonstrate all its services, designs, and solutions, reinforcing its mission to create vibrant communities rather than just real estate units.

 

Rikaz has a rich and diverse residential, commercial, logistics, and hospitality portfolio, with the group’s investments amounting to SR8 billion, a figure expected to double in the coming years.

 

Rikaz's vision aligns with the kingdom's rapid urban development and falls within its ambitious expansion plans in line with Vision 2030. The company occupies a prominent position in the region owing to its completion of unique real estate projects in prime locations and vast areas. It offers high-end services that enhance quality of life and meet the aspirations of Saudi citizens for unique, distinguished housing.

 

Pioneering projects

Sheikh Khaled bin Hassan Al-Qahtani, Chairman and CEO of Rikaz, emphasised the importance of the Cityscape Global exhibition as a platform that brings together real estate professionals and enthusiasts worldwide. He stated: "The exhibition represents a genuine opportunity to establish partnerships that contribute to advancing the real estate sector, which is one of the main economic pillars within the kingdom."

 

He added: "As part of its expansion plan, Rikaz is keen on actively participating in all major real estate events to exchange expertise and showcase its unique journey and achievements in the sector to investors and partners. Rikaz's pioneering projects meet the kingdom's citizens' needs and enhance their quality of life."

 

He said: "The company believes that real estate development goes beyond the projects implemented; it involves building strong relationships and exchanging knowledge in alignment with Vision 2030, which enhances the Saudi real estate market's global position. Rikaz is committed to innovating real estate solutions and building integrated and sustainable communities that serve the needs of Saudi society and contribute to the kingdom's economic growth and development."

 

Notably, Rikaz owns a rich and diverse portfolio of residential, logistical, commercial, and entertainment projects, which align with the company's vision of supporting rapid urban development within the kingdom as part of its ambitious plans under Vision 2030.--TradeArabia News Service