Saudi Arabia's Rawabi Holding expands into real estate
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Saudi’s Rawabi Holding expands into real estate

Saudi’s Rawabi Holding expands into real estate

Rawabi Holdings has established Magnom Properties, the real estate vertical of the company, to oversee the construction of projects in the MENA region

Rawabi Holding launches real estate vertical

Rawabi Holding, a Saudi-based company involved in sectors such as oil and gas, marine, industrial, contracting and manufacturing services, has established Magnom Properties, as its real estate vertical. The company will oversee the construction of high-value commercial, residential and lifestyle projects in KSA, Egypt and the wider MENA region.

Abdulaziz Al Turki, group chairman, Rawabi Holding and Nesma & Partners, and chairman of Magnom Properties, said, “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.”

Othman A Ibrahim, CEO, Rawabi Holding and vice chairman of Magnom Properties, added, “We understand how crucial it is to keep developing our business sectors, and expanding into real estate has been a part of our growth strategy. With Magnom Properties, we will ensure to maintain an 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.”

Maged Marie, CEO, Magnom Properties said, “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 on climate change.

“With Adrian Smith and Gordon Gill as our architects, we are confident we have the right expertise to do so. AS+GG architectural designs have evolved tremendously over the years to become more versatile and sustainable, exploring newer technologies, eco-friendly materials and other energy-efficient practices in their design concepts that will help build a more sustainable future for generations to come.”

Smith was the design partner at Skidmore, Owings & Merrill LLP, which was responsible for the design of Burj Khalifa, as well as the master plan for The King Abdullah Economic City, Trump International Hotel & Tower in Chicago, the Jin Mao Tower in Shanghai and the Zifeng Tower in Nanjing.

AS+GG Architecture designed the Jeddah Tower as well as the Al Wasl Plaza’s dome. Its other notable projects include Astana World Expo 2017, Burj Vista in Dubai, and Central Park Tower in NYC.

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