ROSHN and TMG Saudi Arabia Sign Preliminary Agreement to Develop 55,000-Unit Residential Complex in Riyadh
ROSHN Group and TMG Saudi Arabia announced a joint venture agreement to develop a mixed-use complex comprising more than 55,000 residential units in Riyadh, a step that advances Vision 2030 targets to increase home ownership rates.
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ROSHN Saudi Group and TMG Saudi Arabia signed a preliminary agreement to establish a joint venture aimed at developing a mixed-use residential complex in the city of Riyadh, comprising more than 55,000 residential units distributed across multiple phases.
This project comes in the context of the expansion experienced by the Saudi housing sector to drive the goals of Vision 2030, which aims to raise the home ownership rate among citizens to 70%, with this percentage having exceeded 60% according to the latest official statistics.
ROSHN is one of the most prominent developers in the Saudi market with major projects such as "ROSHN Plaza" and "Rashed" in Riyadh, while TMG possesses long-standing expertise in the Egyptian market and seeks to strengthen its presence in the Gulf region.
The joint venture constitutes a qualitative addition to the residential supply in Riyadh, which is experiencing rapid population growth driven by the influx of foreign talent and talent attraction programs within economic transformation initiatives.
Expectations indicate that the Saudi market needs hundreds of thousands of new residential units over the coming decade to meet growing demand, making this type of strategic partnership between major developers a step in the right direction.
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