Jamil M. Al-Saleh

TBY talks to Jamil M. Al-Saleh, CEO of Solana Holding, about the firm’s operations, brand differentiation, and technological development in the sector.

Can you introduce Solana Holding and its operations?

Solana Holdings has strategically transitioned from traditional property management to comprehensive lifestyle management, positioning itself as a leader in the industry. Solana’s ecosystem, housed under Solana Holdings, operates through three main subsidiaries, each dedicated to delivering exceptional service. Solana Living focuses on property management services, including maintenance and facility management, and provides tenants with a virtual neighborhood app offering hundreds of lifestyle experiences across various properties in Riyadh. Solana Leasing facilitates all leasing activities such as property listing, tenant screening, and rent collection. It features a leasing site showcasing Solana properties and select third-party properties that meet Solana Living’s high standards. Solana Development, meanwhile, oversees contracting activities, ensuring that every property adheres to the Solana standard of living through building refurbishment, repairs, and environmental design. By transitioning from traditional property management to lifestyle management, Solana has created a virtual community where tenants can connect and engage with each other as neighbors. Through a shared platform, the Solana community fosters a sense of belonging and facilitates meaningful interactions among its members, enhancing the overall living experience. This strategic shift not only elevates the tenant experience but also positions Solana as a pioneering force in the lifestyle management sector. Solana operates as a company, though each property is branded under specific sub-brands. Currently, we have five sub-brands, and each of them embodies a distinct lifestyle. For instance, the executive brand does not cater to families with children, as the properties lack features such as playgrounds, kids’ pools, and so on. Instead, there are amenities like cinemas, indoor pools, spas, and cigar lounges. However, our approach to lifestyle management extends beyond just providing physical amenities; we enable a connected lifestyle through technology, allowing residents to access shared facilities, participate in events, and utilize third-party services all on our app. This integrated experience not only enhances the quality of life for our residents but also supports our broader business objectives by leveraging data and technology to drive profitability and investor confidence. As lifestyle managers, we aim to lead the market by offering a unique, integrated living experience that goes beyond traditional property management.

With many companies now claiming to provide lifestyle management services, how does your brand differentiate itself and establish leadership in this space?

Many companies include lifestyle management in their slogans, though few truly deliver on it. Outside of well-known compounds—which are stunningly beautiful—the quality of lifestyle management heavily depends on the asset’s management. From personal experience, many companies still fall short in truly providing lifestyle management outside of a few elite compounds. Our goal is to set a new standard in the industry, aiming to have multiple properties that exemplify our commitment to lifestyle management. We have experimented with different approaches for executive living across our compounds like Orient, Donia Suites, and the Eastern Village. Each has a unique grading system to cater to specific demographics. Our competitive advantage lies in our market presence and understanding of the local demographics. We carefully screen tenant applications to maintain the right mix, although challenges persist. Our approach ensures that we achieve the right tenant mix and manage interactions between residents. In summary, while lifestyle management is a popular claim, our experience, market presence, and tailored approaches to different demographics set us apart. We are committed to truly delivering on the promise of lifestyle management, creating environments where residents’ needs are met, and community harmony is maintained.

How does Solana plan to address the challenges posed by the rapid pace of technological change in the real estate industry?

In the past, starting a business required extensive networking and learning from others, often through the chamber of commerce. Today, everything is at one’s fingertips. Our concern is whether we can keep up with the speed of these changes. While real estate remains a traditional business model focused on selling or leasing properties, the emergence of new technologies and business models has introduced unprecedented changes, and the challenge lies in understanding how these developments will impact us. For example, will we need to create parking spots for drones in the future? This is a significant concern because, at the end of the day, we are still dealing with physical structures—homes built with bricks and mortar. The pace of change in other industries is rapid, though I do not expect the real estate sector to experience the same pace of transformation. The primary changes will likely occur in design. However, we face significant operational challenges, such as maintaining security, managing maintenance, and ensuring cleanliness. These tasks involve human interactions, and while we can incorporate AI, there are limits to its applicability. Managing these operational aspects remains a major priority for our business.