Al Othaim Announces $4.3 Billion Saudi Real Estate Investment to Build 8000 Residential Units
Saudi Arabia-based Abdullah Al Othaim Investment Company has launched a dedicated real estate development arm, Al Othaim Developments, with plans to invest more than SAR 16 billion (US$4.27 billion) in around 10 projects over the next two years.
According to the company, the planned developments will include approximately 8,000 residential units across several cities in Saudi Arabia. Al Othaim Developments will focus on creating integrated destinations that combine residential properties with hospitality, retail, entertainment and office facilities, depending on local market requirements and project locations.
The new business will leverage the expertise and investment capabilities of Abdullah Al Othaim Investment Company while serving as a dedicated platform for real estate development and investment. Its first project, The O Residence, is being developed in Dammam, with additional projects planned in other Saudi cities as part of the two-year investment programme. According to Abdulmalik Abdullah Al Othaim, Vice Chairman and CEO of Abdullah Al Othaim Investment Company, the launch represents a strategic milestone for the group and reflects its ambition to establish a strong presence in the real estate sector through a specialised development platform. The company aims to develop projects that extend beyond standalone residential properties by integrating housing with services and amenities designed to meet residents’ everyday needs.
Source: Trade Arabia
