Saudi developer ROSHN partners with Shapoorji Pallonji Mideast, Siemens in $5.06bn deal

By Backend Office, Desk Reporter
Riyadh
Representational Image

Saudi Arabia’s national community developer, ROSHN has entered into a partnership with Dubai-based real estate company Shapoorji Pallonji Mideast and German industrial manufacturing company Siemens Ltd., for the continued development of the first phase of Riyadh community development.

The contracts valued at $5.06 billion are key development pillars in the construction of the Riyadh community, the first to be initiated by the community developers as part of its vision to contribute to the increasing demand for accessible homes across Saudi Arabia.

ROSHN, backed by the Public Investment Fund (PIF) of Saudi Arabia has come together with Shapoorji Pallonji Mideast to construct 3,000 homes along with associated utilities, roads and landscaping. It has also partnered with Siemens Ltd. to ensure detailed engineering, procurement and the construction of all underground cabling totaling 26 kilometers.

David Grover
David Grover
CEO – ROSHN

“The Riyadh community sets a new standard for housing in Saudi Arabia by offering a dynamic and modern living experience, rooted in work and play, through the provision of quality homes at a competitive price. Our partnerships will demonstrate ROSHN’s commitment to partnering with best-in-class organizations as we deliver this landmark development, and lies at the heart of our mission to support Vision 2030’s goals to create more opportunities for Saudis to own high-quality homes in the Kingdom.”

Mohandass Saini, CEO and MD at Shapoorji Pallonji said “we are aligned with the Saudi government’s mandate to drive Saudization by hiring and training local talent in the real estate market.”

ROSHN has already completed several mega projects in the Kingdom including the headquarters of SABIC in Jubail, the headquarters of Saudi Electric Company (SEC), King Abdullah Financial District in Riyadh and various hotels, commercial complexes and high-rise commercial towers.

Spread across an area of 20 million square meters, the Riyadh Community is strategically located south of King Khalid International Airport in the north of Riyadh. Besides, 30,000 contemporary homes that combine modern design with the country’s rich heritage, the communities will include mosques, shops, cafes, parks, schools, leisure and entertainment facilities.

The architectural design of the community has been carefully considered to reflect the best of modern living whilst celebrating Saudi Arabia’s rich culture and heritage.

YOU MAY LIKE