Saudi Focus

The ongoing mega-project announcements and improvements to government regulations are expected to boost demand for, and enhance the long-term performance of Riyadh’s real estate sector, highlights JLL’s Q1 market overview.

With the Saudi entertainment sector set to make investments worth SR267 billion ($71 billion) in building the necessary infrastructure for cinemas, two leading groups from the region – Vox Cinemas and Carnival Cinemas – are planning to open close to 1,000 new screens across the kingdom, said senior experts at the recent Cinema Build KSA

Saudi Arabia’s Water & Electricity Company (WEC) said a total of 71 developer consortiums have expressed interest in the independent water project (IWP) to be set up in the Yanbu province using reverse osmosis (RO) seawater desalination technology.

Saudi Real Estate Refinance Company (SRC) is planning to issue up to SR4 billion ($1.1 billion) of long-term sukuk which is being modelled on the lines of US mortgage finance firm Fannie Mae, reported Reuters citing its top official.

Ascott, the world’s largest serviced residence owner-operator, continues to roll out its expansion portfolio in Saudi Arabia with the signing of a new property in Al Khobar. Citadines Al Aziziyah Al Khobar is set to open in late 2021 and will be Ascott’s seventh residence in the kingdom, and its third in the city of Al Khobar.

Saudi Arabia is set to develop a total of 27 water and environmental projects in Jazan, including a main sewage treatment plant and a pumping station, at an investment of $213 million, according to Saudi Press Agency (SPA).

Saudi-based Nesma Trading Company said its joint venture with UAE’s Professional Landscape Company has been awarded a design-and-build contract by The Red Sea Development Company (TRSDC) for a giant onsite landscape nursery for the Red Sea Project in the kingdom (see also Page 52).