Saudi-based Al Tahaluf Real Estate Company today (July 2) has announced that it has been rebranded as HOV Global CJSC following an increase in majority ownership by K. Hovnanian ME Investments, a subsidiary of Hovnanian Enterprises, one of the largest homebuilders in the US.
The rebranding marks the next chapter in the company's growth and reflects KHME's confidence in Saudi Arabia's housing market and economic future, said the Saudi company in a statement.
As the majority owner of HOV Global, the company brings international expertise in large-scale residential, hospitality, lifestyle, and master-planned developments, supporting the creation of sustainable, world-class destinations across Saudi Arabia and the broader region.
Derived from Hovnanian's NYSE ticker symbol, HOV, the new name establishes a unified identity across the company's developments throughout the kingdom, it stated.
Existing customers, contracts, partnerships, and projects remain unchanged. The ownership increase is accompanied by additional foreign direct investment from KHME to support HOV Global's continued expansion across Saudi Arabia, including new housing, hospitality, and community development initiatives.
"The transition to HOV Global represents an important milestone in the evolution of our company," remarked Rob Hofmann, the Chairman & Chief Executive Officer of HOV Global.
"Over the past 13 years, we have earned the trust of our customers by delivering high-quality developments across Saudi Arabia, building a team of more than 100 associates, and establishing one of the Kingdom's most experienced real estate development organizations. With KHME increasing its ownership, we are further integrating our deep local experience with the financial strength, technology, design expertise, and homebuilding legacy of Hovnanian," he stated.
Drawing on nearly seven decades of homebuilding experience and hundreds of thousands of homes delivered across the US, Hovnanian brings proven expertise in creating exceptional communities, innovative residential products, and customer experiences that will help us continue raising the standard for new housing in Saudi Arabia.
"HOV Global has established itself as a trusted partner in Saudi Arabia's housing sector, working alongside leading public and private organizations to advance homeownership across the Kingdom. Since its founding in 2013, the company has delivered approximately 2,400 homes and has another 3,000 under development across Riyadh, Makkah, Jeddah, and King Abdullah Economic City (KAEC), to be delivered over the next several years," he added.
Its active partnerships with the National Housing Company (NHC), the Tourism Development Fund (TDF), and Emaar, The Economic City (EEC)—master developer of KAEC—support some of the Kingdom's most significant housing, hospitality, and community development projects.
Through an existing agreement with TDF, Saudi Arabia's national steward of tourism investment, HOV Global is working to enable high-quality tourism, hospitality, and branded residential investment across the Kingdom, beginning in KAEC and complementing EEC's master-development work in the city.-TradeArabia News Service