The Business Year

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With real estate development, infrastructure development, retail properties, and property management services on the rise across the entire Kingdom, Saudi Arabia is poised to see several exciting developments in the sector in the coming years.

Khadijah Margalani

General Manager & Founder, Haykalah Real Estate

One of Haykalah’s core values is that of personal, meaningful interactions with individuals in the community. With Jeddah being the second-largest city in the Kingdom, networking is key. We build our business by building strong relationships. Opportunities here are increased by word-of-mouth. We use this and our consistent multiplatform marketing strategies to reach even further across the Kingdom and across the globe. Now, 90% of the real estate investment industry in Saudi Arabia comes from Jeddah, and most of the staff at Haykalah are Saudis. As a company, we are targeting Saudis to develop their skills and teach them how to deal with real estate property management in the industry. Hayakalah has invested in AI software and applications, innovative camera and digital media tools, and made use of all the main social media platforms have to offer. We use 3D imaging and the most modern photography devices to showcase what is available and up and coming. Whenever we go to a property, we can record the entire property and make it a 3D-type video. We are also diversifying into virtual reality as well. To keep clients happy and updated with our listings and about general real estate information, we use of programs and tools to manage communication efforts.

Mohammed Alduraibi

Managing Director, Oud Real Estate

Oud is focused on two divisions. We have Oud Destination that caters to all activities from creating the concept of a project to construction and handling the overall experience. From the beginning, we focus on commercial and offices to provide the hospitality experience for non-hospitality products. We continue to develop products like a membership club solution. This is part of our destination for the future. We have an office destination with our own member club to support the tenants and all businesses. We established the company with a focus on serving and providing a special experience for lifestyle seekers on the commercial end. We have created a great business hub as a destination, and we provide clients with an experience they expect since their daily activities require a certain solution to provide. We work every day to enhance our solutions and services to create a proper experience that reflects our culture. We focus on the market and business opportunities in the region that have happened in Saudi Arabia. All the bigger players in the region come here, so Saudi is the playground of all opportunities. We have many projects in the pipeline that reflect what we believe in: creating a destination that reflects our culture.

Elias Abou Samra

CEO, Rafal Real Estate Development Company

The past 15 years have been eventful at Rafal, with two landmark towers shaping the skyline of Riyadh and more than six residential and mixed-use communities offering a unique quality of life. Fast forward to the past three years, investment trends and the fabric of society have evolved exponentially, and hence Rafal’s development strategy is aligning with the ambitious Vision 2030. I expect Riyadh to be more urban than suburban 10 years down the road. This differentiates the future of Riyadh from that of other cities in the region. It is more sustainable, sensitive to the local culture, and respectful of heritage. Riyadh is a city with heritage. We are at the forefront of the collaboration between the private and public spheres, working with planners, architects, and regulators. We are looking for future alignment to be able to tap into upcoming opportunities. Since inception, RAFAK focused on two verticals being high rise developments and gated communities. Moving forward, we will be developing integrated mixed-use communities, some of which will be transit-oriented development. As such, we are in discussions with leading developers from the international community to exchange experiences and facilitate their access to local projects through local joint ventures.

Khalid M. Hasan

CEO, Saudi Tunneling Company for Contracting (STCC)

In Saudi Arabia, the volume of construction work has been increasing by the year along with an increase in demand based on requirements to service the market and infrastructure. We started from scratch in 2008. At that time, we had strong competitors in the market, creating great challenges for us as a small player and a specialized company. We have built ourselves into what we are today through delivering solid service while also clearly defining our goals and being straightforward. We successfully grew the team, equipment, and our number of resources. The company started as a branch of an Egyptian firm, our mother company Hassan Allam Holding, that is extremely prominent in the market. In 2017, we established our current name. Mainly we have targeted the two sectors in tunneling, with the core being micro-tunneling technology and the other being horizontal directional drilling (HDD). And there is plenty of demand in the market. We are looking to expand into covering the Gulf region as well as the Egyptian market. Our head company does a tremendous job currently with approximately 14 companies working under it in various sectors. We plan to expand the range of our equipment as well to expand our capabilities.

Omar N. Al-khudairi

CEO, Almutlaq Group (AMG)

AMG is a closed joint stock company. The company has evolved over the years and became involved in the financial sector with banking, insurance, and financing. Industrial ventures are another core area, focused on specific areas of manufacturing like petrochemicals. It has also invested in the infrastructure sector. AMG has become an investment holding that actively invests, albeit in niche investments. The Red Sea Project is specifically the real estate vertical we have as a group, and real estate is one of the cores in our portfolio. The strategy is to start with niche projects. We were one of the first believers in Jubail, and we are its icon today. We support Jubail and the micro economy of Vision 2030 on being green and energy efficient that is addressed at our investments. We speak to the government in a storyline, rather than a component. We decided that we need to have something iconic in the Red Sea and are evaluating a new project in NEOM. We are also looking at real estate and privatization with Aramco. It will be a portfolio of niche locations and assets with the niche experience and the right operators.

Faisal T. Bouzo

Co-Founder & Managing Partner, C&P

We have signed an agreement with Alinma bank to develop Twenty Five Mall, which will be one of Riyadh’s largest outdoor shopping and dining commercial centers over an area of 72,000sqm, located in Hittin district. In the entertainment sector and as the fit-out partner for AMC Cinemas, we have completed more theaters across the Kingdom, utilizing state-of-the-art audio and visual innovations for a one-of-a-kind moviegoing experience. In the corporate sector, we continue to deliver unique designs and high-end fit-out services for the headquarters of several major banks and companies such as, but not limited to, SNB Bank, Saudi Downtown Co, Alargan HQ, and Alamar Domino’s, as well as the fit-out for Seera headquarters (previously Al Tayyar Travel Group). We are also currently working on a number of mega construction and fit-out projects with a total collective area exceeding 250,000sqm. In terms of company growth, we founded City Heights Real Estate Development Co. as a subsidiary that specializes in developing premium residential projects of the highest quality standards. Another one of our sister companies is First Avenue Real Estate Development company, which focuses on bringing forward differentiated, high-quality commercial and residential real estate products. The company is currently in discussion of being listed in the Saudi joint stock market.

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