Saudi Arabia’s Rawabi Holding, a market leader in serving the major energy sectors including oil and gas, marine, industrial, contracting and manufacturing services, has established its real estate arm Magnom Properties.
The new subsidiary will oversee the construction of high-value commercial, residential and lifestyle projects in the kingdom, Egypt and the wider MENA region.
The ambitions evinced by Rawabi Holding were evident during the high-level board meeting that took place at the company’s headquarters in Al Khobar, which was also attended by the world-renowned American architects Mr. Adrian Smith and Mr. Gordon Gill, representing their firm AS+GG Architecture.
Before starting their firm, Mr. Smith was the Design Partner at Skidmore, Owings & Merrill LLP (SOM) that was responsible for the design of the world’s tallest structure, Burj Khalifa, as well as the masterplan for The King Abdullah Economic City (KAEC), Trump International Hotel & Tower in Chicago, the Jin Mao Tower in Shanghai and the Zifeng Tower in Nanjing.
Abdulaziz Al Turki Chairman Rawabi Holding, Magnom Properties
“Our venture into real estate will focus on creating dynamic environments and developments, which will cater to the rapidly evolving lifestyles, aspirations of businesses, industries, and future generations. We will also be conscious of Quality, Reliability, Timely Delivery and Sustainability of our projects. These values are intrinsic to Rawabi Holding, through its 40 years of existence and will be reflected in Magnom Properties.”
Mr. Othman A. Ibrahim, CEO, Rawabi Holding, Vice Chairman of Magnom Properties said that “With Magnom Properties, we will ensure to maintain unwavering compliance to the core principle of sustainability, which has been the driving force behind the development of our high-profile projects, aligned with the objectives of Saudi Vision 2030, as stipulated by the Kingdom’s leadership. We will focus on projects fashioned by world-class, contemporary design solutions, and attention to the environment.”
“Real estate and construction continue to be key drivers for a non-oil economy in the region. As countries are focused on achieving their Net Zero goals, Magnom Properties aspires to be part of the solution to climate change. With Adrian Smith and Gordon Gill as our architects, we are confident we have the right expertise to do so,” said Mr. Maged Marie, CEO, of Magnom Properties.
Environmental, Social, and Governance (ESG) considerations have also been a priority for real estate investments in the region in keeping with the United Nation’s Sustainable Development Goals (UNSDGs). Furthermore, there has been an overall rebound in projects across the MENA region, which is promising, considering the challenges that were presented by the pandemic.
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