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SA24_RC_ALDAMMAM

SAUDI ARABIA - Real Estate & Construction

Mohammed Ahmed R. Al Dossary

Vice Chairman & CEO, Al Dammam Development Company

Bio

Mohammed Ahmed Al Dossary
is the Vice Chairman & CEO of Al
Dammam Development Company, a leading real estate development and investment company in the Kingdom of Saudi Arabia. He has over 20 years of executive management roles and a proven track record of driving growth in the investment sector. Al Dossary also serves on the board of directors of Bait Al Mal Al Kahleeji and Saudi Joint Company. He earned his BS degree at King Fahad University of Petroleum and Minerals, Eastern Provence.

"Our team of architects focuses on developing and adopting the new generation’s needs, ensuring that modern standards of living are met across every element of our projects and developments."
Al Dammam Development is currently exploring innovative housing solutions and diversifying into various segments to expand both regionally and internationally.
Can you shed some light on the company and how its mandate and objectives relate to Vision 2030?

Our head company was established in 1935, and over time, it established newer companies. My ancestors launched the company, and we are currently in the fourth generation. Al Dammam Development was first registered as a real estate development company in the market in 2003 by a group of Saudi investors. Their vision was to become leaders in the real estate market locally and throughout the GCC by developing and managing real estate investments. While initially focused on real estate development, the company has since become a leader in providing project management solutions to address the growing demand for quality real estate development and the significant growth of industrial projects in the Gulf region. The management has recognized the importance of diversifying the company’s business into various segments and expanding both regionally and internationally. In line with the goals of Vision 2030, Al Dammam Development is updating its operations to reflect the changing landscape of Saudi Arabia. The younger generation of Saudis requires innovative housing solutions, and we are exploring different options, including waterfront projects in the Eastern Province that prioritize sophistication, quality, and innovation. We are even developing social housing in the area. Al Dammam Development was one of the first companies to develop 300 houses in the suburbs, which was one of our most successful megaprojects at the time. This experience gave us valuable knowledge of the market characteristics and demand. Innovation runs in our blood, and we always strive to develop the best examples of development for niche targets. Our team of architects focuses on developing and adopting the new generation’s needs, ensuring that modern standards of living are met across every element of our projects and developments. As a company, we always strive for growth, with real estate and equity fund investments being key to our group.

As far as your expansion and consolidation plans are concerned, where do you see room for growth?

In any industry, there are always growth opportunities, and it is crucial to understand the market dynamics and respond to them in a timely manner. For our group, funding and investment are key to our success in the real estate industry. We assess each project portfolio separately and provide capital or funding for any project with potential. Our focus at this stage is on funds, allowing us to welcome new ideas and establish successful partnerships. As a group, we target the large-scale projects emerging across the country. We want to support the development of Diriyah; furthermore, we see opportunities in NEOM, which the government has opened to private-sector participation. We are well positioned to get involved in key projects in different areas across the Kingdom, particularly in construction and FMP. We have already held numerous meetings with stakeholders and are about to activate exciting new collaborations. We recently established a new unit specializing in landscape design in partnership with an international affiliate with vast experience in landscaping in order to cater to the vast portfolio of projects emerging around the Kingdom. The Saudi Green Initiative is taking a strategic approach to restoring natural greenery and protecting it for future generations, and our new division is ready to support building the future of a green and livable Saudi Arabia.

What are your short-term targets?

We plan to invest more in the real estate sector, both in the short and medium term. Additionally, we are set to invest more in funds listed on the stock market. In the midterm, our focus will be on new developments in housing and hospitality. I have great faith in this country, and I believe that we will witness radical change over the next decade. This is the time to build the future of the nation, and the business community can capitalize on this growth.

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