Roshn Group, affiliated with the Public Investment Fund, announced the signing of strategic agreements aimed at selling and developing over 223,000 square meters of land in collaboration with local development partners, with total investments exceeding SAR 1.4 billion, equivalent to approximately $372 million.
These lands are planned to be used for developing residential projects within the “Warafa” housing initiative in Riyadh. According to the Saudi Press Agency (SPA), the development partners will implement these residential projects according to the master plan of the initiative, with the goal of providing a modern living environment that meets the needs of diverse families and supports balanced urban development within the project.
In detail, the group signed an agreement worth SAR 548 million to develop more than 108,000 square meters of land, in addition to signing two other agreements totaling SAR 650 million. The agreements also included an investment deal worth SAR 233 million to develop lands exceeding 68,000 square meters.
These initiatives aim to create fully integrated residential communities that adhere to the highest design and construction standards, in line with the group’s approach to providing an advanced and holistic lifestyle for residents. The agreements reflect Roshn Group’s commitment to its role as a real estate developer contributing to the creation of dynamic residential destinations.
They also highlight the group’s role in leading a transformative shift in the real estate sector through the development of fully integrated and vibrant neighborhoods, relying on strategic partnerships with the private sector and enhancing local content in its projects, in line with the objectives of Saudi Arabia’s Vision 2030.
