11 of the Best Real Estate Developers in Saudi ArabiaEHSAN BAYAT

In the Kingdom of Saudi Arabia, three main components contribute to the real estate sector: public companies, private firms, and government agencies. The current market value measures at more than 1.3 trillion Saudi riyals, and analysts anticipate that this figure will increase by 200 billion over the next few years. Arab News addressed this growth in a 2014 article, stating that demands for housing should play a key role. According to their data, real estate developers will need to build more than 5 million residential units by 2020 to accommodate for expansion.Between the government’s new legislative strategies and the growing number of investors attracted to the region, the real estate market in Saudi Arabia is positioned for growth as local companies and firms continue to compete for business. The following is a list of the most prominent public and private real estate developers in the Kingdom of Saudi Arabia (KSA):

Al-Riyadh Development Company

A Saudi joint-stock company, Al-Riyadh formed as a real estate development company under royal decree, and it features two branches of operation. The first objective of the company is to build and manage properties for the public good, such as a wholesale food market and a transportation center. Secondly, Al-Riyadh invests in residential and commercial projects throughout KSA.

Saudi Real Estate Company - Al Akaria

Al Akaria also originated by government appointment, and it has operated as a multi-faceted development firm for 40 years. Among other concentrations, the company builds residential and business properties, many of which are leased to renters, and it leverages sustainable building practices to improve the longevity and environmental impact of each structure.

Taiba Investment and Real Estate Development Co.

Headquartered in the city of Medina, this joint-stock company launched in 1988 and has created a portfolio of three residential and commercial projects. The investment and development firm builds properties ranging from hospitals to luxury resorts, and it also oversees general contracting bids for construction and electromechanical processes.

Knowledge Economic City

Knowledge Economic City (KEC), a 4.8 million-square-foot zone within the Islamic holy city of Madinah, received a royal endorsement to pursue real estate projects in 2006. Following a three-phase development strategy, the KEC master plan aims to benefit homeowners and create new opportunities for business professionals. Features of the initiative include new gated communities, apartments, and cultural centers.

Dar Al-Arkan Development Company

In 1994, six business families joined together to form Dar Al-Arkan in the capital city Riyadh. The development company started with an initial stage of infrastructure projects and has subsequently shifted its focus to residential properties. Al-Arkan offers a top-of-the-market, 10-year structure warranty on residential units, and the business partners with local financial institutions to assist with mortgages.

Makkah Construction & Development Company

Launched by royal decree, the Makkah Construction and Development Company serves the High and Royal Order by carrying out reconstruction and renovation projects in the area surrounding the Grand Mosque in Mecca. The company builds properties for sale and for lease, and it also specializes investment.

Kingdom Holding Company

The Kingdom Holding Company (KHC) leads all publicly listed real estate developers in Saudi Arabia and has extended its presence into other Middle Eastern and international markets. Among other functions, the company invests in high-profit projects, such as the Kingdom Tower, which is under construction in Jeddah, Saudi Arabia. Slated for completion in 2018, the tower will stand at 1,000 meters and rank as the tallest building in the world.

SEDCO Development

Based in Jeddah, SEDCO Development formed in 2009 after its parent company, Saudi Economic and Development Company, consolidated its assets and portfolio of projects. The newly formed private entity concentrates solely on real estate development and has generated more than 3.5 billion Saudi riyals in completed developments. Recent endeavors include the Gardenia Residence and the Galleria, a five-star hotel on AL-Tahliya Street.

Al Ra’idah Investment Company

Royal decree No. 9 established this joint-stock company in 2007 to oversee the investments of the Public Pension Agency in Saudi Arabia and to direct a variety of real estate endeavors. Al Ra’idah provides a comprehensive list of services to KSA, ranging from managing assets to developing new properties. The company portfolio features the following projects: King Abdullah Financial District, the IT and Communications Complex, the Obhur Al Janoubia residential community, and many more.

Ewaan

The Ewaan Global Residential Company is comprised of multiple partners, such as the Islamic Corporation for Private Sector Development, the Public Pension Agency, and the International Investment Bank. Ewaan endeavors to build quality homes at an accessible price range, and in 2015, the business completed the Limas Project in Jubail and the Al Mayaar Project in Jeddah.

Al-Saedan Real Estate Company

A leader in both the Saudi private real estate sector and the Arab region, Al-Saedan Real Estate Company recently created a new brand logo to reflect its commitment to progress. Al-Saedan focuses on real estate and urban development and maintains a domestic and international portfolio. A few local projects include Elegance Tower, the Addiyar Residential Compound, and the Al Nifil Residential Compound.