Raza, the Saudi property developer, is planning more mixed-use projects that can combine offices, homes and entertainment facilities with the latest sign of the conservative Islamic kingdom experiencing a more open society.

Planting on transforming Saudi Arabia’s economy and society, the Crown Prince Mohammed bin Salman endorsed films, music and sports that were once thought to be non-Islamic to try to appeal to the country’s overwhelmingly young population.

Especially in the capital city of Riyadh, after the prince of the throne had cut the wings of the religious police, the strict social rules that cut the penalties were also loosened in order to play music in the society, to dress shamelessly or to confuse with the opposite sex.

Raza’s chief executive, Waleed Aleisa, said a “critical catalyst” for the firm’s new plans was the change in lifestyle for Saudi citizens and residents. “There is a gap in the market for this concept: place-making and mixed-use developments,” he said during an interview.

“This is a young Saudi generation, and women are increasingly accessing the job market, so demand is changing and now people expect to do everything at the same place. So we provide the retail, shopping, schools, clinics and entertainment in the same area.” Raza, the real estate arm of the Public Pension Agency (PPA), currently manages 2 million square metres of office, mixed-use and community developments in Riyadh, Jeddah and Dammam.

Aleisa aims to double the assets under management by $ 10.55 billion by 2024.

In addition to property development, Raza will also offer asset management, property management and commercial services with its new strategy. Aleisa is currently managing only PPA assets, but plans to buy assets from third-party investors such as banks and real estate investments.

Source: Business Times

Melike Vodina / realesatecoulisse.com