Saudi Vision 2030, spearheaded by Crown Prince Mohammed bin Salman, aims to diversify Saudi Arabia’s economy and vary from oil dependency. This plan has significant implications for various sectors, including real estate. The focus on urban development and smart cities, such as the NEOM project, is expected to boost real estate development across residential, commercial, and industrial sectors. The emphasis on tourism and hospitality will also drive the demand for high-end hotels and resorts. “Public-private partnerships will further contribute to the sector’s growth,” says CEO Faisal Al Nahdi.
“Our government has made significant efforts in developing infrastructure to attract foreign investments, such as Real Estate Investment Trusts (REITs), and bringing ease to doing business reforms, making the real estate market more appealing to domestic and international investors. Moreover, developing new business districts and economic zones creates office space needs, filling the commercial real estate market with more opportunities. The sector’s focus on sustainable development and humanistic practices aligns with global trends, attracting environmentally conscious investors.”
Al Nahdi acknowledges that Riyadh is receiving the lion’s share of attention from real estate investors as Saudis and foreigners stream in to exploit the booming economy.
“For us, that means there are a lot of opportunities for development management consultancy services to work with developers or set up joint ventures with international firms working in the sector.”
While most people perceive real estate as physical assets, Roaya, a real estate development consultancy, offers a unique perspective. “We view real estate beyond its physical aspects, delving into its humanistic elements.” Says Al Nahdi
“We started in 2018 to fill a gap in delivering best practices in development management, integrating humanistic values into the project through our services. We ensure that all stakeholders are involved, including the market assessment consultant, operator, branding, marketing, and activation team responsible for our Lifestyle services.” Al Nahdi explains. “At Roaya, we go beyond capitalizing on assets and care about everyone’s prosperity, from tenants to the communities we touch. By fostering inclusive and dynamic environments, and promoting wellness, connectivity, and a sense of belonging in each real estate property.”
The executive explains that Roaya has three main business lines supporting its development management consultancy.
“The first is providing development management consultancy services to developers, owners, and organizations. This involves delivering best practices to ensure successful project outcomes and overseeing and coordinating all aspects of a real estate development project from inception to completion. It also involves strategic planning, design management, project management, construction management, and financial oversight, ensuring all stakeholder engagement throughout the entire journey.” Al Nahdi Explains. “We use our primary market assessment resources to define the right segment. A segment targeted for a fine dining experience is uniquely different from one targeted for casual dining or fast-food restaurants.”
“Our second business line specializes in operations. We specify the projects’ needs and manage facility and property services, including waste management, operation manuals, and work issues. This involvement starts from the design phase, where our facility management team advises on the best solutions regarding MEP through our lessons-learned experience.” he says.
“There are a lot of skilled developers in Saudi Arabia with a good reputation, but there needs to be more technical expertise in the special requirements of the defined segment. That’s where we come in.” Al Nahdi explains.
“The third business line of Roaya is Roaya Lifestyle. Our lifestyle consultation services will help property owners create a sense of community and belonging for their residents and tenants, enhance the overall experience, and add value to their properties. We work closely with them in all aspects of the service to ensure that their goals are met and to provide ongoing support and adjustments as needed.”
One of the advisory contracts Roaya successfully executed was for the Al Khobar City Walk project in the Eastern Province. This project, which included an open-air restaurant, café, shopping mall, and entertainment mall, aimed to execute an exit strategy of $54 million. Roaya’s strategic changes, such as altering the space modules for each unit, led to a significant increase in income, from almost $4 million to nearly $6 million. This resulted in successfully executing a $80 million exit strategy, showcasing Roaya’s high precision and expertise.
