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Roshn Group and Talaat Moustafa Group Saudi (TMG) have entered into a deal. Roshn Group is Saudi Arabia's leading multi-asset class real estate developer.
TMG is one of the Middle East's most experienced community developers. The two companies will establish a joint venture. This venture will be responsible for developing a residential-led, mixed-use community in Riyadh.
The agreement establishes a framework for the two groups. They will evaluate a potential partnership for the phased development of the project.
What the Project Will Include
The concept under evaluation is for a residential-led, mixed-use community.
It will be supported by retail, commercial, hospitality, leisure, healthcare, and education facilities. Parks and public spaces are also part of the plan.
Roshn Group and TMG Saudi will undertake detailed master planning and business case development for the project.
According to preliminary studies, the project is expected to comprise more than 55,000 residential units.
Broader Investment Opportunities
The partnership will help unlock further investment opportunities. These span residential and commercial developments, as well as hospitality and retail.
The goal is to create fully integrated, human-centric communities. This will draw on Roshn Group's extensive land bank and TMG's proven track record in large-scale mixed-use developments.
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What the Company Leaders Said
Naaman Atallah is CEO of Roshn Group. He said Roshn Group is committed to unlocking the potential of its strategic land bank.
He added this happens through partnerships with leading developers who share the company's ambition for creating exceptional destinations.
He said the company is pleased to explore this opportunity with TMG Saudi. He noted it will help assess how their combined expertise can contribute to a world-class mixed-use project. He said this would support the objectives of Saudi Vision 2030.
Ahmed Hani Talaat Moustafa is Group CEO and Managing Director. He said Saudi Arabia offers an exceptional environment for urban development.
He added that the company values the opportunity to explore this project with Roshn Group. He said they will now work with their partners to assess how their experience in building integrated communities can support the Kingdom's ongoing urban transformation.
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Combining Two Areas of Expertise
The two groups plan to bring their respective experience through a collaborative approach. Roshn Group offers deep knowledge of the Saudi market and a track record in urban development.
This includes delivering integrated, human-centric communities and destinations.
TMG Saudi brings experience in developing large-scale, mixed-use developments. Together, the two companies aim to combine these strengths for the Riyadh project.
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