The Saudi real estate market recorded deals with a total value of about SAR 277 billion ($74 billion), compared to SAR 223.5 billion in 2022. Market statistics also showed that the size of the transaction area was about one billion square meters for both the years 2023 and 2022, while the number of real estate transactions declined by 20 percent from 325,000 to 260,000, along with a significant decrease in real estate deals in neighborhoods outside and on the outskirts of cities, specifically in the city of Riyadh.
ROSHN Group, a Public Investment Fund (PIF) giga-project, launched on Tuesday a mixed-use development in north of Jeddah, which will accommodate over 130,000 residents and house the first man-made canal in Saudi Arabia. The new development, called MARAFY, will include an 11-kilometer-long and 100-meter-wide navigable canal, which will be surrounded by multiple districts, the developer said in a statement.
Khaled Al-Mobid is founder and CEO of Menassat Realty Co., a Riyadh-based real estate developer, since 2018. He was founder, previous general manager and executive partner of Bussma Real Estate Management Co. between 2008 and 2018. Al-Mobid obtained his bachelor’s degree in business administration from the University of Florida, US, in 2002. He has served as a member of