The CEO of Saudi Real Estate Co. (SRECO) told Bloomberg recently his firm is intent on building a housing development in Riyadh estimated to be worth $1.3 billion. According to reports from news outlets and the company, Saudi Real Estate is refocusing on middle-income buyers who can leverage a home shortage there.
Seeking governmental approval of the construction of some 7,000 homes, Saudi Real Estate will also be committed to building the connective community elements of office, hotels, shopping, and other developments as well. Dr. Fahad A.M Al-Said, CEO of Saudi Real Estate Co. Al-Akaria, addressed the Future Housing Summit last week concerning issues facing his country where the availability of housing is concerned.
Finally, to cement the idea of Saudi Real Estate’s leadership where jump starting the youth of Saudi Arabia is considered their chairman’s confidence in the young community there was highlighted late last year in an interview with Arab News, and I quote describing Saudi Arabia for the coming decades:
“I can describe the Kingdom using the words — flourishing continuous development. I do have strong trust in Saudi youth. I can say that every student is more intelligent than the older student generation. Our future is for the youth, and I strongly have trust on them.”
Saudi Arabia is largely a youthful country possessed of a very well educated younger set. Clearly the focus of future investment there will be attuned to not only satisfying the needs of this population, but taking advantage of the pluses excellent and youthful contributions can foster. Fahad A.M Al-Said and his company are fairly notorious in their revamped focus toward Saudi’s taking advantage of global job opportunities too.
Finally, the residential property market there in Saudi Arabia creates something of a demand vacuum not only for Saudi investment, but with the potential transformation of the country’s bank regulations and foreign investment allowances of late, a potential investment boom for outside investors too. A growing population and other factors made the country a big target for speculation where investments go.