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SAUDI ARABIA - Real Estate & Construction

Eslam Radwan

Co-Founder and CEO, BUNA

Bio

As the co-founder and CEO of BUNA, one of the region’s leading general contractors, Eslam Radwan brings over 12 years of experience in managing construction companies and delivering successful EPC projects. With a robust technical, financial, and legal background, he holds both an MBA and a civil engineering degree. He has a proven track record of managing distressed, fast-track, sophisticated, and multi-disciplinary projects across vast geographical areas. Committed to advancing the organization, he leads its digital transformation journey while adopting the latest construction technologies to enhance efficiency and competitiveness.

"Recently, Sumo Holding restructured into three major divisions: Sumo Investment for asset management, ATAR Holding for non-real estate investments, and BUNA Holding for real estate and construction services."

TBY talks to Eslam Radwan, Co-Founder and CEO of BUNA, about Saudi Arabia’s gigaprojects, the development of Mecca and Medina, and improving quality of life in the Kingdom.

How is Saudi Arabia’s construction industry evolving, and what opportunities does it offer as the country undergoes a transformative phase?

In general, the Saudi market and the overall economy are in a transformative phase. If we look at the main pillars of this transformation—the oil and gas sector, population growth, and urbanization—these are the drivers of economic development. Saudi Arabia remains an emerging economy, and construction is the backbone of building the country’s infrastructure, capabilities, and future economic pillars. The construction market can be split into two sectors. First, there are the “ambitious projects,” which include the gigaprojects happening across the Kingdom, such as NEOM and the Red Sea developments. Second, there is the essential sector, which focuses on infrastructure, housing, hospitality, and developments supporting population growth, particularly in Mecca, Medina, and areas serving the oil and gas industries. For companies such as ours, sustainability lies in this second sector, as it aligns with long-term national needs.

What untapped potential do Mecca and Medina hold for BUNA, and how are you contributing to their transformation?

The potential in Mecca and Medina is enormous. From a religious perspective, there are 1.3 billion Muslims globally, all keen to visit these holy cities. Reaching 100 million visitors annually is feasible, especially compared to global tourism hubs like Dubai, which celebrates 34 million, or Paris at 38 million. However, the current infrastructure in Mecca and Medina requires extra effort and further development to accommodate that scale. This is where the opportunity lies—to invest, construct, and develop projects that increase capacity and improve quality of life. Our focus in Mecca and Medina is on creating unique developments. In Medina, for example, we are working on a landmark project: a 126,000sqm built-up area within the central zone. Unlike other developers who maximize mass hotels, we are addressing key gaps. Medina lacks mixed-use developments, fine dining, quality retail, serviced apartments, business centers, and family-friendly spaces. Our project includes a five-star hotel offering studios to three-bedroom units, duplexes, and premium hospitality experiences. We also include 20,000sqm of retail, 6,000sqm of dine-in restaurants, open plazas with activities, and support services like drivers’ housing, kids’ areas, and business centers. We ensured our design integrates well into the area, avoiding massive, unsightly structures. Only 30% of the floor plan is utilized for construction, leaving ample open spaces and outdoor areas. This development is already 45% complete and will be delivered by the end of 2026.

How do you position these developments to attract local, regional, and international investors?

Our parent company, Sumo Holding, is well-regarded for its fundraising capabilities. It is among the largest players in capital fundraising and asset management in Saudi Arabia. Financing is rarely the challenge; the issue often lies in execution—delivering projects on time, within budget, and to the expected quality. In Saudi Arabia, we face a gap between expectations and financial feasibility. Many projects start with grand designs, but lack realistic cost management. The result is delays, budget overruns, or cancellations. Our strength lies in bridging this gap. We are a one-stop shop, handling design and execution with an emphasis on cost control. We ensure a project remains viable, feasible, and rational from concept to delivery.

What sets your company apart, and how is it structured to ensure efficient delivery of projects?

Recently, Sumo Holding restructured into three major divisions: Sumo Investment for asset management, ATAR Holding for non-real estate investments, and BUNA Holding for real estate and construction services. I’ve the honor of leading BUNA Holding, which operates as a one-stop shop for construction and real estate services. We are organized into seven specialized sectors: infrastructure, superstructure, project management consultancy, construction material trading, specialized developments, and manufacturing of construction materials. This structure allows us to streamline operations, create synergies, and deliver comprehensive solutions. For example, our specialized development arm focuses on mixed-use projects—a gap in the market where we see significant opportunities. By managing design and execution, we capture savings at the design stage, which is where 70% of value engineering potential lies.

What are the company’s primary objectives and strategic goals for the year ahead?

We have three primary goals. First, we aim to achieve SAR1.5 billion in revenue over the next few years. Second, we plan for 30-40% of our revenue to come from public-private partnerships and build operate transfer (BOT) projects. Third, we want to lead in specialized developments, particularly in mixed-use and infrastructure sectors, where we see a clear market gap. These goals align with our mission to deliver projects on time, within budget, and to the highest standards. Our competitive advantage remains our ability to manage the entire lifecycle of a project—from design to delivery—while ensuring rational cost structures.

How does your work contribute to Saudi Arabia’s quality of life agenda, and what broader impact do you envision?

We are proud to contribute to improving quality of life in the Kingdom. Our projects in Mecca and Medina, urban regeneration initiatives, and stadium developments are more than structures—they are enablers of business opportunities, community development, and economic growth. By creating sustainable, mixed-use environments, we provide spaces that cater to families, businesses, and tourists alike. Our role is to deliver transformative projects that align with Vision 2030’s objectives while setting new benchmarks for execution and quality in Saudi Arabia’s construction industry. We are committed to building the Kingdom’s future while driving investor confidence and market growth.

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