Nayef Al-Atawi, CEO of Al-Diyar Al-Arabiya Actual Property Improvement Firm
mentioned Nayef Al-Atawi, CEO of the corporate Al Diyar Al Arabiya Actual Property ImprovementThe corporate’s funding portfolio presently quantities to about 15 billion riyals.
Al-Atawi defined throughout an interview with numbersOn the sidelines of the Cityscape 2025 convention, the corporate is focusing its tasks on off-plan gross sales, as it’s the important financing device in its earlier and present tasks, with the opportunity of offering some services, however the primary financing relies on off-plan gross sales.
Al-Atawi expressed his optimism about the actual property market and its future, based mostly on the rising demand for residential housing in Saudi Arabia, and the opening of the door to possession for non-Saudis.
He identified that competitors in the actual property sector is sweet and contributes to the emergence of higher merchandise, which prompts the corporate to welcome cooperation with native builders, in an effort to supply a particular expertise and lift the extent of high quality of life in its tasks.
He acknowledged that the Kingdom is dominated by the youth group, which constitutes a big share, which makes the present and future demand for residential models rising, particularly these appropriate for numerous segments of society. As for possession by non-Saudis, it’s anticipated that with the entry into power of the brand new laws early subsequent 12 months, the market will witness a noticeable demand for possession, beginning with Mecca and Medina, and the precise tasks which have appeared lately.
Al-Atawi confused that the actual property sector within the Kingdom is a big and promising sector that’s witnessing nice progress, and necessary laws has been issued that has contributed to regulating the market, enhancing its efficiency, and rising its actual property product.
He identified that the range and breadth of the Kingdom permits the actual property developer extensive choices in figuring out the character of his tasks, whether or not residential, business or logistical.
He identified that the corporate is focusing, throughout its participation in Cityscape, on presenting the Diyar Al Haram challenge in Mecca, as a possibility for possession for non-Saudis, if the areas by which possession is permitted are decided, in preparation for launching the following part of the challenge, which is a part of a number of phases, and consists of about 4,000 residential models, with an funding of roughly 10 billion riyals.
