Saudi National Day: Honouring the top developers in the kingdom

Saudi Arabia, a kingdom steeped in history, has been rapidly transforming its skyline over the past few decades.

Its cities have evolved into modern metropolises, and at the forefront of this shift are the real estate developers who have redefined urban living.

As we appreciate the kingdom’s growth in the last 93 years, we will unveil the names and stories of the top real estate developers in Saudi Arabia. These are the companies that have turned barren plots into bustling communities, deserts into dreamscapes, and have made their mark in the nation’s progress.

Top developers in Saudi Arabia

ROSHN

Since its inception in 2019, ROSHN has rapidly gained prominence in the Kingdom of Saudi Arabia with the development of integrated residential communities, hotels and other related establishments such as mixed-use projects. As Saudi Arabia’s national real estate developer, ROSHN is focused on addressing the increasing demands for a unique lifestyle in the kingdom.

In line with this, the developer has incorporated an innovative selling process, which includes facilitating bank loans for prospective buyers and providing them with title deeds and keys on the same day of purchase. These factors collectively contribute to the ROSHN’s overarching vision, illustrating the developer’s endeavours to achieve a 70% homeownership rate within the next decade in the Kingdom.

These objectives are also aligned with the kingdom’s sovereign fund, the Public Investment Fund’s (PIF) goals for Vision 2030. As such, ROSHN is crafting vibrant community experiences, encapsulating a comprehensive range of amenities and fostering employment opportunities nationwide.

Its portfolio showcases five major projects across Riyadh, Jeddah, and Al-Ahsa, positioning the company as a strong proponent of integrated and innovative community expansion. As such, the developer is executing projects in nine cities spanning four regions.

The planned communities aim to offer a modern living experience rooted in local work culture, leisure, and traditions. The designs draw inspiration from the city’s historical and cultural essence, blending it with a contemporary aesthetic. This development mirrors Saudi Arabia’s past and future aspirations and seeks to significantly boost the nation’s GDP and provide employment opportunities.

NEOM

At the forefront of Saudi Arabia’s gigaprojects stands NEOM, a company fueled by the nation’s Public Investment Fund (PIF), dedicated to shaping the future through its groundbreaking $500 billion gigaproject.

Based along the Red Sea and the Gulf of Aqaba, some of NEOM’s upcoming projects include the 840,000-square-metre Sindalah, a seahorse-shaped island set to home several upscale hotels, a large yachting marina, a golf course, and multiple wellness centres.

In 2021, NEOM introduced THE LINE to the world, an audacious vertical city concept that envisions a seamless interconnection of nine million residences through a futuristic 20-kilometre high-speed rail network. This urban venture is set to reshape the way we live, offering sustainability and convenience at an unprecedented scale.

Determined to be at the vanguard of sustainable development, NEOM unveiled the Shushah Island project. This environmentally conscious initiative, brought to life in collaboration with acclaimed architectural firms like Gensler, Gio Forma, RBTA, and SWA, aims to create the world’s largest coral garden.

In a recent stride towards bringing its vision to life, NEOM joined forces with IHG Hotels & Resorts to develop a 250-key Hotel Indigo within OXAGON, the developer’s futuristic trading hub.

Furthermore, NEOM awarded a substantial $198.3 million contract to Al Gihaz Contracting Company, a local entity, for the establishment of a 380/132kV substation within its futuristic city.

Diriyah Company

Diriyah Company stands as a custodian of heritage and a visionary for the future, with a strong commitment to preserving cultural developments and fostering progress in the region.

One of its flagship projects is the restoration of the iconic Diriyah district, a historical site in the Turaif district, declared a UNESCO World Heritage Site in 2010. Through meticulous restoration efforts, the company is breathing new life into ancient architecture, weaving a bridge between the past and the present.

Diriyah Company has achieved significant milestones during the last 12 months. These milestones include the Platinum LEED sustainability accreditation for the first phase of its project, the highest certification within the LEED framework.

Similarly, the developer also successfully clocked in 50 million safe working hours across its immense project portfolio, setting a new benchmark for safe construction and excellence in occupational health and safety management.

Aldyar Alarabiya

Aldyar Alarabiya has long been a beacon in Saudi Arabia’s real estate landscape. This family-owned venture, over its expansive two-decade journey, has garnered considerable acclaim, and has sold more than thousands of property units, demonstrating their expertise and dominance in the sector.

In the quest for sustainable urbanisation, Aldyar Alarabiya prides itself on its meticulous planning, ensuring that each project not only meets global standards but also reflects the needs and aspirations of its residents.

With the guidance of CEO Naif AlAtawi, Aldyar Alarabiya is shaping a new paradigm in real estate. They have created global collaborations and policies that aim to develop cities that can anticipate future demands and challenges.

Aldyar Alarabiya’s ethos is more than just constructing spaces; it’s about sculpting communities. While architecturally exemplary, their designs are also rooted in understanding the deeper social fabric of the locales they operate in. This is evidenced by their integrated urban communities, which provide a blend of styles and sizes, ensuring there’s a fit for every resident’s dream. Its ownership of Shahm Construction, one of the largest construction companies in Saudi Arabia, exemplifies their commitment to homegrown collaborations and a belief in local potential.

For Aldyar Alarabiya, each property isn’t just a structure, it’s a harmonious blend of global standards and local aesthetics.

Reflecting on the past year, Aldyar Alarabiya’s accomplishments stand tall. The company successfully delivered 2,542 apartments in Bouvardia City, Jeddah, and 1,685 villas across other projects in the kingdom.

Their vision is mapped further with ambitious projects, including Dyar Alharam, an upscale residential apartment development in Makkah, located within the prestigious Masar project and Bourvardia View in Jeddah, both scheduled for unveiling in the second half of 2025. Moreover, the Saheel initiative in Riyadh, a 600-apartment venture, is a glimpse into Aldyar Alarabiya’s  roadmap for the future.

The Royal Commission for AlUla

With a strong emphasis on preserving and developing AlUla, The Royal Commission for AlUla (RCU) has been actively pursuing transformative approaches to execute projects that are attuned to environmental and historical considerations.

In the last 12 months, RCU has initiated projects and collaborations aimed at enhancing tourism infrastructure, revitalising heritage sites, and curating immersive experiences for visitors. Notable achievements include the launch of three luxurious hotels, the establishment of the AlUla International Airport, and the development of the Banyan Tree AlUla resort.

Most recently, the company announced its partnership with an Italian conservation institute, Centro Conservazione e Restauro, to further develop expertise in the restoration of AlUla.

Al Othaim Investments

With over 20 years in the real estate and retail sectors, Al Othaim Investments is an emblem of innovation, development, and economic prosperity in Saudi Arabia. Renowned for its pioneering spirit, the company has forged an impressive footprint in retail, F&B, entertainment, as well as residential and commercial complexes, with a keen focus on crafting spaces that not only redefine shopping experiences but also serve as the centre point of social and economic progress.

A pivotal player supporting the kingdom’s Vision 2030, Al Othaim is renowned for its forward-thinking initiatives that amplify the nation’s socio-economic landscape and deeply resonate with individual lifestyles.

Testament to this commitment are the projects delivered worth a staggering $1.97 billion (SAR 7.4 billion), and with ongoing construction projects valued at more than $2.67 billion (SAR 10 billion), further underscoring its dominant presence in the sector.

In the last year, the developer has achieved significant accomplishments by implementing the company’s strategy and laying the groundwork for their future endeavours.

Additionally, they have forged strategic partnerships with esteemed entities such as the Tourism Development Fund, the Quality of Life Programme, and the Ministry of Municipal and Rural Affairs and Housing. These collaborations have further solidified their standing in the industry and emphasised their commitment to holistic growth. Over the recent period, several notable projects have been introduced, significantly elevating the company’s portfolio. These include the launch of Konoz Riyadh, Al Othaim Park in Dammam, and the Al Othaim Circle in Khobar.

Jabal Omar Development Company

Jabal Omar Development Company (JODC) stands as a prominent real estate developer in the region, holding a significant position as one of the largest publicly listed companies on the Saudi Tadawul Stock Exchange.

The distinguished Jabal Omar, its flagship endeavour, represents a sprawling mixed-use real estate mega-development strategically situated in close proximity to The Grand Mosque of Makkah.

In tandem with the kingdom’s ongoing efforts to accommodate an expanding influx of pilgrims, JODC has been actively engaged in the development of the vicinity surrounding The Grand Mosque.

In July 2023, JODC reached an agreement with Areeb Advanced Real Estate for the sale of a prime plot of land in Makkah. As per the deal, the 3,065.74m2 plot is being sold to Areeb for $139 million, said Jabal Omar Development Company in its filing to the Saudi Exchange. The sales proceeds will be utilised by Jabal Omar Development Company to complete construction works at its other projects in the city, further entailing a positive impact on the company’s financial results.

Additionally, the developer has received the license to operate the first tower of the Jabal Omar Address hotels. The first tower will have 742 rooms and suites, 51 of which have been sold off-plan.

Dar Al Arkan

Since its establishment in 1994, Dar Al Arkan has been delivering premier real estate projects in Saudi Arabia, showcasing its expertise in creating and nurturing integrated communities.

Most recently, the developer successfully completed the world’s tallest 3D-printed building – a three-storey smart villa in Riyadh. The villa is Dar Al Arkan’s first venture into the 3D-printing space and is fully compliant with the building codes, making it a bright example of how technology and innovation can work hand in hand with safety and regulation.

Additionally, at the beginning of 2023, Dar Al Arkan revealed its plans to list its Dubai unit, Dar Global on the London Stock Exchange. The news follows the company’s initial announcement in November 2022 about exploring several strategic and capital markets options with regards to the international property development business in Dubai.

Moreover, Dar Global also launched its Lamborghini-inspired residential project, Tierra Viva, in Europe. The launch of the project represents a noteworthy landmark in Dar Global’s relentless pursuit to deliver incomparable investment opportunities in the luxury segment; the project is valued at approximately $305 million.

As a company, Dar Al Arkan has also collaborated with several renowned brands including The Trump Organisation, Elie Saab, Missoni, Versace, Lamborghini, Pagani, and more.

Naif AlRajhi Investment

Headquartered in Saudi Arabia’s Riyadh and holding branch offices in Dubai, London, Rome and Tangier, Naif AlRajhi Investment is a vanguard in the GCC’s investment landscape. Its global presence is marked by strategic investments in 30 companies dispersed across six countries, emphasising its dynamic role in real estate, hospitality, F&B, contracting, mining, logistics, and outdoor media among other sectors. The company’s dedication to the real estate sector is further underscored by two major funds: The Investor for Securities, valued at $26.7 million (SAR 100 million), and Riyad Capital, with a robust fund size of $133.3 million (SAR 500 million).

Over the past year, Naif Alrajhi Investment has achieved several commendable milestones. In Riyadh’s As Sahafah, the company celebrated opening the $16 million (SAR 60 million) Ramla Terraza, a premier dining venue featuring elite restaurants, cafés, and dynamic live entertainment, earlier this year.

It also launched the 34-storey tower Fairmont Ramla Serviced Residences, with an investment of $200 million (SAR 750 million), marking Fairmont’s first global standalone luxury extended-stay property.

The group also made significant real estate moves internationally. It closed a major deal with a leading real estate developer in Egypt, to plan and collaborate on large-scale residential and resort projects within the kingdom. This collaboration aligns with Saudi’s Vision 2030, prioritising urban and tourist resort developments of international standards in the kingdom.

Currently, the company is spearheading several projects, including developing a $533 million (SAR 2 billion) plot and private palaces at an investment of $266 million (SAR 1 billion), in addition to other confidential initiatives.

Naif AlRajhi Investment is also strongly committed to ethical practices, as demonstrated by its Corporate Social Responsibility and Feyan for Community Service programmes. Feyan, the charitable wing of the group, participated in the Saudi Green Initiative, working alongside the Green Horizons Environmental Association. This collaboration seeks to bolster the objectives of the Saudi Green Initiative, advocating for environmental awareness. Furthermore, the company also takes pride in its annual schedule of community initiatives.

Saudi Real Estate Company (Al Akaria)

The Saudi Real Estate Company (Al Akaria) was established in 1976 by royal decree. Since then, the developer has embarked on a future-forward vision, laying the foundations for multi-use developments, aiming to pioneer the real estate sector in the Kingdom of Saudi Arabia.

Today, Al Akaria stands tall with a vast land bank spanning 20 million sqm. and a rich tapestry of projects that have transformed Riyadh, making it an architectural beacon. Today, Al Akaria’s project portfolio boasts diverse residential, commercial, and recreational projects.

Operating under Al Akaria’s umbrella are four subsidiaries: Mumtalakat, Binyah, Tamear, and Al Widyan. Their operations range from real estate management to contracting work for buildings and even producing and selling materials and equipment vital for construction.

Saudi Arabia’s sovereign fund, the Public Investment Fund, owns a significant 64.5% stake in the company.

Over the last 12 months, Al Akaria has made significant strides in its real estate endeavours. The company has unveiled three major projects: The Reef Compound; Porta Jeddah; and Fai Sedra.

On the financial front, Al Akaria celebrated a significant increase in its revenues, marking a noteworthy profit milestone. The Saudi real estate developer witnessed a meteoric 99% surge in revenues in 2022, culminating in a net profit of $38.6 million (SAR 145 million).

Strategically, the company has also embarked on a collaborative venture with Al Tahaluf Real Estate to set up a residential community as part of the Akaria Park Master Plan in Eastern Riyadh.

Red Sea Global

Initially formed as a fully-owned joint stock company by the Public Investment Fund (PIF), Red Sea Global (RSG) was created with the aim of spearheading the expansive Red Sea Project in Saudi Arabia.

Over the last 12 months, the developer has reached several milestones including the 50% completion of its Desert Rock project, the launch of the world’s first zero-carbon 5G network exclusively for the Red Sea Project, and an ultra-luxury wellness resort in AMAALA. 

RSG also recently marked August 2023 as its sixth anniversary since The Red Sea was first announced by HRH Saudi Crown Prince Mohammed bin Salman Al Saud.

Now, RSG’s first three hotels and phase one of its international airport are on track to open later this year. Moreover, its latest construction updates reveal the remarkable progress achieved across the gigaproject.

Safa Investment Company

Saudi Arabia based real estate firm Safa Investment Company combines national expertise and extensive knowledge within the kingdom’s real estate sector. They aim to provide top-notch service and stay up-to-date with the latest urban trends. Safa also values sustainable partnerships and reliability, which they consider to be their greatest success.

Emerging as a premier national real estate company, Safa remains committed to staying at the forefront of cutting-edge engineering practices and the latest technological innovations in the construction sphere. The company’s unwavering dedication extends to providing customers with top-tier products that mirror their exacting requirements, all while upholding steadfast standards of quality.

The operational methodology at Safa is founded on a tangible framework forged through practical experiences and field insights. This approach encompasses the entire project lifecycle; Safa works based on clear concepts based on field and practical experiences, starting with site selection, drawing up plans and projects, through implementation, quality of materials used, and ensuring the efficiency of engineers and technicians working on the site, and ending with post-ownership services.

The company’s achievements hinge on a harmonious team thriving in an environment characterised by transparency, creativity, and collaborative teamwork.

Since its inception, Safa has commanded attention with its remarkable scale, encompassing a total building area of 800,000 sqm. and an invested area spanning 333,000 sqm. This expansive scope unfolds across 22 distinct districts, comprising more than 340 buildings that collectively shape its urban landscape. Notably, the company has also contributed significantly to the residential sector with more than 4,300 residential units, reaffirming its dedication to providing modern living solutions.

Maskan Arabia

Founded in 2008, Maskan Arabia is a specialised real estate development company with the primary objective of developing and selling housing units in the Kingdom of Saudi Arabia. As a residential real estate development company, Maskan offers a comprehensive range of diversified products and services. These include the development of villas and townhouses, the construction of vertical structures and apartment blocks, as well as the provision of marketing and after-sales services to promote the company’s housing projects.

The bedrock of Maskan’s journey lies in its ability to provide alternative capabilities, strengthened by its new entity as a closed joint stock company. Consequently, the company’s pursuit of exceptional real estate residential developments has positioned it as a leading firm in the kingdom’s construction and real estate development sector.

Maskan’s scope of work encompasses the entire spectrum of real estate development, from land curation and conceptualisation to construction and property management.

This fusion of diversified services and unwavering commitment has yielded a portfolio of successful residential projects, including Maskan Heights, Al Casaba, Al Dar, Retaj Project, Topaz Project, and Saaf, among others. Meanwhile, the developer’s upcoming venture includes the Al-Muhra Project in partnership with Saudi Arabia’s Ministry of Housing.