https://arab.news/9awhy
RIYADH: ROSHN, a Public Investment Fund-owned real estate developer, has launched its first project in the Eastern Province, ALFULWA, with a capacity to house 100,000 people.
Speaking to Arab News on the sidelines of the PIF Private Sector Forum in Riyadh, ROSHN's Chief Development Officer Oussama Kabbani said the company has already begun the construction work on this project.
“We have started. If you go outside, you will see the trucks working,” he said, adding that agreements with contractors are expected to be signed within days.
Located 7 km from the center of Al-Ahsa, the project will feature 18,000 residential units spread over an area of 10.8 million sq. m.
“This is a comprehensive community — it is the DNA of ROSHN. We create units of houses, living streets, amazing landscapes, parks for kids, places for entertainment, schools, and health centers,” Kabbani said.
Built near Dakhna Mountain and Al-Qarah Mountain, ALFULWA project aims to incorporate the cultural and geographical heritage of the region into its design while providing urban facilities.
“Our ambition here is, hopefully, the markets will be there to help us. When we say the markets that mean the purchasing power; people will start reserving units to allow us to also deliver ahead of time,” he said.
The new project will seek to incorporate the Eastern Province’s unique architectural features and traditional architectural styles.
“We are delighted to put our footprint in the Eastern Province, especially in Al-Ahsa Governorate, with ALFULWA project. This project reflects ROSHN’s dedication to enhancing the urban landscape across the Kingdom,” David Grover, CEO at ROSHN, said.
In its design and construction, ALFULWA aims to move forward with its sustainability practices by contributing to an 18 percent reduction in energy consumption costs.
“Over the next few years, our objective is to create residential developments that provide the Saudi community with access to modern amenities in a sustainable and natural environment,” added Grover.
ALFULWA project marks the fourth community launched by ROSHN, following the successful introduction of SEDRA and WAREFAH in Riyadh and ALAROUS in Jeddah.
Kabbani said that work on SEDRA was completed ahead of time.
“We are very busy in Riyadh. SEDRA is a project in phases. People are already living in SEDRA, and on Flag Day we had a march, people joined us from the community, and children were playing on the street,” Kabbani said.
“We have a lot more on the master planning and the blueprints that we are working on, so you will be hearing a lot of new projects on ROSHN,” he added.
The PIF Private Sector Forum kicked off on Tuesday, with more than 50 exhibitors and 4,000 private sector participants expected to attend.
Panel sessions during the two-day event will focus on topics including the Kingdom’s local economy, real estate infrastructure, and developing emerging sectors.