International arrivals to Middle East hit 77% of pre-pandemic levels as tourism sector rebounds

RIYADH: Saudi Arabia’s national real estate developer ROSHN, backed by the Kingdom’s Public Investment Fund, has launched the first phase of its Al Arous project in Jeddah, as it steadily pursues its effort to change the face of the Kingdom’s west coast. 

According to a press release, the first phase of the Al Arous project named ‘The Bride of the Red Sea’ will offer more than 2,200 single-family units. 

Upon completion, Al Arous will extend over 4 million square meters and will offer more than 18,000 different residential units. 

The press release further noted that the community will include pedestrian-friendly streets, and green spaces, along with civic, retail, sports, and recreational amenities to promote a healthy lifestyle.

“Bringing ROSHN’s vision for modern, integrated living to Jeddah is a proud moment for our company,” said David Grover, CEO of ROSHN Group. 

He added: “For the first time, residents of the west coast will be able to experience the new way of living that ROSHN is introducing to Saudi Arabia – one where communities are built on a rich array of social amenities and a healthy, high-quality lifestyle is placed above all else.” 

The launch of the Al Arous project comes at a time when ROSHN has started the handover process at SEDRA, its development project in northern Riyadh, ahead of the scheduled time. 

“The handover of the first ROSHN home is a momentous occasion not just for ROSHN but for the Kingdom at large. SEDRA will be the first project that sees our vision for the future become a reality on the ground and I am excited for our first residents to experience the ROSHN way of life,” Grover added. 

SEDRA is the first project of ROSHN in the Kingdom, and is being developed over eight phases in Riyadh’s northern sector.

Upon completion, the SEDRA project will add more than 30,000 residential units to the capital’s housing stock and provide 20 million square meters of integrated neighborhoods supported by education, health care, infrastructure, and retail outlet facilities. 

Speaking to Arab News at the Future Investment Initiative in Riyadh last month, Grover said ROSHN is looking to triple its building rate as it seeks to become the biggest residential developer in the Gulf Cooperation Council region by 2025.

“We’re already one of the biggest housing developers in the Kingdom by volume. I imagine you’re going to see two or three times the output from ROSHN in the next couple of years.

“Certainly by 2025, in 18 months, two years’ time (we) will be outstripping the size of any residential developer, anywhere, certainly in the GCC, and probably at the moment in the world, such is the scale of what we’re doing.”

Source link

Leave a Reply

Your email address will not be published.