RIYADH: Saudi real estate giant ROSHN Group has acquired two new plots to augment its existing 200 sq. km land bank, revealed its CEO David Grover.
In a television interview, Grover mentioned that the purchases, located in Dammam and Qatif, are currently in different stages of development — with the former in the design phase, and the latter still under study.
He stated that the Saudi giga-project offers plots at highly competitive prices, noting that ROSHN’s profit margins are below market standards, with this attributed to the facilities and services developed by the company.
The Public Investment Fund-owned real estate developer also signed a membership agreement with Bayan Credit Bureau, a provider of local and global credit reports in more than 180 countries.
The agreement aims to enhance the process of obtaining comprehensive credit, financial, and commercial reports about potential clients and partners.
Talking about the membership agreement, Grover said: “At ROSHN, making informed partnerships is not solely a smart business decision but it is a responsibility to work with transparent partners that we are confident can successfully aid us in enabling Saudi’s ambitious Vision 2030 goals of home ownership and economic diversification.”
He added: “Working with Bayan will enable us to enhance the scope and increase the efficiency of our credit dealings with potential customers and further, through access to global reports, identifying strategic partnership opportunities with world-class businesses who share our ambitions. We’re proud to partner with Bayan and set new standards in the Kingdom.”
In October, ROSHN initiated sales for the third phase of its flagship project, SEDRA, located in Riyadh. Spanning 20 million sq. meters, the project offers 3,438 new residences.
The third phase prioritizes sustainability with advanced insulation, solar-powered water heaters, and energy-efficient air-conditioning systems.
Moreover, 12 percent of the project area is dedicated to open and green spaces, featuring a wadi and acacia forest, enriching the community’s natural appeal.
