Marking a significant step forward in its international expansion plans, Deyaar, the region’s fastest growing real estate company, today announced a joint venture with two of Saudi Arabia’s leading business groups - Arabian Arkan for Commercial Investment and Ibrahim Abdullah Abunayyan & Brothers to form - Saudi Deyaar - a joint venture, aimed at gaining a strong footing in the Kingdom’s high potential real estate market.
Saudi Deyaar will be established as a complete real estate solutions provider that covers the entire spectrum of property development - residential, commercial, hospitality and retail. The company will capitalize on the soaring demand for real estate in the Kingdom, while also contributing to the growth of the sector.
Commenting on the joint venture, H.E. Dr. Mohammed Khalfan Bin Kharbash, Chairman of Deyaar and UAE Minister of State for Finance and Industry, said, “Saudi Deyaar heralds an exciting phase in Deyaar’s strategic diversification plan. It assumes even greater significance as it associates Deyaar with Arabian Arkan and Ibrahim Abdullah Abunayyan & Brothers, the Kingdom’s leading business groups. Besides actively participating in the Kingdom’s robust property sector, Saudi Deyaar will provide investors a distinctly wider choice of real estate offerings.”
The JV, which is in sync with Deyaar’s ambitious growth strategy, opens up new and lucrative avenues for Deyaar in the Kingdom. It brings together Deyaar’s immense expertise in developing properties along with the combined expertise and solid reach of its Saudi business partners.
Announcing the new Joint Venture, Abdulelah A. Abunayyan, General Manager, Ibrahim Abunayyan & Bros, stated, “The real estate industry in Saudi Arabia is poised for significant growth and expansion on account of new initiatives and relaxation in real estate laws announced by the government of Saudi Arabia to boost investment in real estate. Real estate development in the Kingdom will be further fueled by demand fundamentals and strong performance of the national economy.”
He added, “With the joint expertise of Deyaar in property development, Arabian Arkan and our group, this joint venture will soon emerge as one of the leading players of the real estate market.”
Demand for housing in the Kingdom is reported at an average of 163,750 units per annum with total new investments in housing set to rise up to SR. 1.20 trillion by 2020. The housing sector is expected to comprise 75% of all real estate activities in Saudi Arabia.
Elaborating on the alliance, Zack Shahin, Chief Executive Officer, Deyaar, commented: “As the first initiative in a GCC market outside of UAE, Saudi Deyaar aims to reinforce Deyaar’s geographical reach in the region. The joint venture will leverage Deyaar’s prowess in the property business and the strong reputation of Arabian Arkan and Ibrahim Abdullah Abunayyan & Brothers in the Kingdom. The move will place Deyaar’s growth on the fast track and maximize value for our shareholders and clients.”
Shahin added that the JV will enable Deyaar to effectively penetrate the Kingdom’s real estate sector, which is currently in a high-growth phase. Strong economic growth, excess liquidity, the emergence of economic cities and liberalization in property laws is spurring interest in the sector, he said.
Saudi Deyaar will soon unveil its debut venture in the Kingdom at the Golden Corridor, King Fahd Street - a prominent residential and commercial district in Riyadh. This is the first of many projects planned by Saudi Deyaar. As part of its growth strategy, the company plans to further tap into the real estate markets in Jeddah, Dammam and other major cities
Riyadh-based Ibrahim Abdullah Abunayyan & Brothers, finds place among Saudi Arabia’s most diversified and reputed groups. It holds 62% in Abdullah Abunayyan Group, which has been in existence for over 50 years. As a holding investment company, the group has interests in real estate, banking, manufacturing, construction, communications, insurance, petrochemicals, investment portfolios, and water services.
Arabian Arkan for Commercial Investment is a reputable and prestigious holding Company based in Riyadh and investing in widely diversified industries.
Deyaar is among the UAE’s largest developers and one of the region’s most prominent real estate companies. As part of its plans to bolster growth, Deyaar launched a series of high-value residential and commercial projects in the United Arab Emirates throughout 2007, while working out the modalities of entering a number of emerging markets with high potential.
The company is aggressively working on international expansion, beyond its current portfolio of projects in Turkey and Lebanon, towards new markets including Kazakhstan, Qatar, India, the United States, East Europe and North Africa.
Deyaar Development PJSC is one of the fastest growing real estate companies in the region. Headquartered in Dubai, the company has grown significantly to evolve as a complete `one-stop real estate solutions’ provider. Deyaar today, is the most prominent and trusted names in the real estate business with interests in development, property and facilities management, besides also offering a range of services such as brokerage, marketing and sales. Over time, Deyaar’s strategic solutions and deep market insights have helped create exceptional value for investors. The company currently manages over 16,000 commercial and residential properties. Led by a panel of powerful personalities and experts, Deyaar is set to play a pivotal role in the region’s property landscape.
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