The kingdom has over 555,000 residential units, more than 275,000 hotel keys, in excess of 4.3 million sqm of retail space and over 6.1 million sqm of new office space anticipated by 2030, according to reports from Knight Frank.
With Construction Week Middle East revealing the top 50 Developers in the region, we take a look at developers from Saudi Arabia who made the cut.
The list was finalised based on the following criteria: value of projects completed; value of projects under construction; value and/or size of the land bank; value of new projects launched (for developers with multiple projects, combined value was considered); and value of new contract awards.
Please note that this list is not a ranking.
Jeddah Central Development Company
A wholly-owned subsidiary of the Saudi Public Investment Fund (PIF), Jeddah Central Development Company (JCDC) has been paving its way to becoming one of the major catalysts in reshaping Jeddah’s unique and diverse landscape.
Propelled by the potential to drive growth in Jeddah Central, JCDC has launched an impressive portfolio of projects in the last 12 months.
Most recently, JCDC signed an MoU with Waterise to pursue the development and implementation of a new desalination technology. The new project will help JCDC achieve its sustainable development objectives which are in line with the kingdom’s broader Vision 2030.
The company also awarded contracts for its Oceanarium & Coral Farm landmark building that will capture the cultural essence of Jeddah.
The Royal Commission for AlUla (RCU)
Focused on preserving and developing AlUla, a region of natural and cultural significance in the north-west of Saudi Arabia, The Royal Commission for AlUla (RCU) has been engaging in transformational practices to deliver environmentally and historically-sensitive projects.
In the last two years, RCU has launched a number of projects and masterplans such as “The Journey Through Time” masterplan spanning five districts into the heart of AlUla.
The masterplan is a roadmap that will protect 200,000 years of natural and human history and aims to set a benchmark for responsible and impactful investment in destination development.
The Royal Commission for AlUla has also signed two landmark strategic partnerships with AECOM and Egis-led consortium to set out a development timeline based around three phases that lead up to 2035.
NEOM
Saudi Arabia’s Public Investment Fund-backed NEOM is the developer behind the $500bn (SAR1.9tn) futuristic gigaproject of the same name.
Based along the Red Sea and the Gulf of Aqaba, some of NEOM’s upcoming projects include the automated and integrated port OXAGON, the snowy mountain tourist destination TROJENA, and the newest project is THE LINE, a vertically-layered city meant to run on 100% renewable energy.
Launched in January 2021, THE LINE will accommodate 9mn residents and will be built on a footprint of 34km2 to reduce the infrastructure footprint in the city. The 200-metre wide, 170-kilometre long, and located 500 metres above sea level project is also set to feature a high-speed rail with an end-to-end transit of 20 minutes.
Diriyah Gate Development Authority
Founded in 2017 with a mandate to preserve and celebrate the historic city of Diriyah, Diriyah Gate Development Authority (DGDA) has developed the gigaproject on schedule and has grown it in terms of size and scope.
With a $50.6bn investment pipeline to transform 14km2 of Saudi Arabia’s birthplace, DGDA has been aiming to create 55,000 jobs and attract 27mn visitors by 2030.
In the past year, DGDA has been actively awarding contracts. The northern portion of the development’s infrastructure was awarded to SaudiCo in 2021 at the value of $1.5bn (SAR5.76 bn), with the southern contract awarded to a joint venture by El Seif and China State at the value of $1.8bn (SAR6.65bn).
Additionally, DGDA awarded a $1.1bn (SAR3.99bn) contract for the Diriyah Square Super Basement car park to Salini and the $346mn (SAR1.3bn) contract to Nesma & Partners to provide critical transportation works on Diriyah’s circulatory transport system.
In June 2022, the first phase of DGDA’s masterplan was awarded platinum-level precertification for the Leadership in Energy and Environmental Design (LEED) accreditation by the United States Green Building Council (USGBC).
DGDA aims to cultivate Diriyah into a global gathering place by creating rich cultural experiences, while ensuring that the development is pedestrian friendly, walkable city.
ROSHN
Established in 2019 by Saudi Arabia’s sovereign Public Investment Fund (PIF), ROSHN has been aiming to contribute to the development of the kingdom’s real estate sector through an ambitious agenda of localisation and job creation.
Soon after its launch, in November 2020, the real estate giant unveiled its first project, a community in Riyadh. Spread across 20km2, the megaproject comprises more than 30,000 homes, and is an integral part of ROSHN’s 10-year mandate to develop communities across the kingdom.
In August 2021, ROSHN decided to name the project “SEDRA”. The mega-development has been strategically located north of Riyadh, south of King Khalid Airport, and within close proximity to Princess Nourah University. As a growing company, ROSHN has been aligned with the PIF strategy to meet Saudi Arabia’s Vision 2030 objectives, including reaching a rate of 70% Saudi homeownership.
With a transformative approach to urban development and partnerships with the best local and international organisations, ROSHN has been contributing to increasing the quality of life in the kingdom.
In addition to SEDRA, ROSHN has also recently launched ALAROUS, a 4mn m2 community that will include more than 18,000 thousand different residential units. The development will become a part of a larger strategy of developing modern and vibrant neighbourhoods in four regions and nine cities in Saudi Arabia. The developer has also targeted a Saudisation rate of 60% by the end of 2021 and managed to exceed this goal by hitting a rate of 69%.
In addition to building its domestically sourced talent pool, the company wants to remain plugged into global networks of expertise by forging partnerships with some of the world’s most renowned firms across an array of specialities.
ROSHN also formed an agreement with SAMSUNG C&T to explore the use of modular construction techniques that will allow the company to efficiently build at the highest standard of quality. With the KSA market consistently growing year by year, ROSHN is expecting to strike partnerships over the coming years.
The Red Sea Development Company (TRSDC) & AMAALA
The Red Sea Development Company (TRSDC) was established as a closed joint stock company wholly owned by the PIF to drive the development of ambitious The Red Sea Project. Now, TRSDC has evolved from a developer of a single project into a multi-project developer.
Over the last 12 months, the company has demonstrated significant progress with Phase One of the project now 50% complete. The structural work on the 3.3km-long Shura Bridge has also been completed, connecting the mainland to the island which will house 11 hotels and more than 1,900 keys.
At AMAALA, the iconic designs for the Triple Bay Yacht Club has been received, ensuring that the evolution of the Red Sea coast becomes an international hub for luxury yachting. AMAALA also signed a major contract for the infrastructure development of the first phase of the accommodations at its Employee Village at Triple Bay. TRSDC and AMAALA has awarded $2.07bn in the last 18 months.
Across both destinations, over 1,250 contracts worth more than $8bn have been awarded, with 70% of the total value of these contracts awarded to Saudi companies and contractors. Moreover, TRSDC has been making significant progress on its projects. The Turtle Bay Hotel at The Red Sea Project opened last year, with Desert Rock resort’s site office being significantly complete.
One of the most pivotal moments for TRSDC as a business has been the bringing together of its two gigaproject destinations, AMAALA and The Red Sea Project, to further drive the growth of tourism in Saudi Arabia.
Al Diyar Al Arabia
Al Diyar Al Arabia is a family-run company with branches in Saudi Arabia. The developer has positioned itself well to promote sustainable development in the market.
It has been working on residential projects based on an integrated human-centred model where it focuses on creating technical efficiency in project implementation.
According to Nayef Al-Atwi, CEO and managing director of Al Diyar Al Arabiya, the company has adopted a new urban approach as its works according to targeted policies and global partnerships to build the cities of the future.
In 2022, the developer launched Diyar communities by delivering several housing units in multiple cities in the Kingdom of Saudi Arabia. It also took the lead as the first residential developer of the Makkah Road project with the parent company Umm Al-Qura Real Estate Development Company.
According to the company, the total value of the projects under construction totals $2bn (SAR7.3bn).
Currently, the developer is busy working on the Bouvardia 2 project in Jeddah by the National Housing Company. And Diyar Al-Haram Project – Masar by Umm Al-Qura Real Estate Development Company. The developer’s construction covers an area of 1,741,041m2.
In order to ensure the growth of projects, the real estate developer and major Saudi banks signed project financing agreements. The developer has also launched the Diyar Incubator to empower entrepreneurs in the contracting sector in cooperation with the Chambers of Commerce in the kingdom.
The company has several projects under construction with some of them currently in the handover stage. Meanwhile, other projects are progressing according to the scheduled plan.
Meanwhile, the real estate developer has completed the Shams Al Diyar project, which includes more than 500 villa-style housing units and 1,000 different units in Bouvardia. This is the Pearl Diyar Yanbu project featuring 1,182 villas nearing completion.
Dar Al Arkan
Since its establishment in 1994, Dar Al Arkan has been delivering premier real estate projects.
Earlier this year, Dar Al Arkan began construction on the $272.3mn W Residences in Dubai. The development is expected to mark the first standalone residences in the world under the W Hotels brand.
The developer topped out its 34-storey Urban Oasis residential tower in April of this year. The project was developed in partnership with the luxury Italian fashion house, Missoni.
Dar Al Arkan has also signed a deal with OMRAN to develop ‘AIDA’, one of the largest premium, mixed-use real estate projects located in the Yiti area in Muscat. The project marked the Kingdom of Saudi Arabia headquartered developer’s entry into Oman’s construction landscape.
Jabal Omar Development Company (JODC)
Jabal Omar Development Company (JODC) is one of the largest real estate developers in the region and one of the largest listed companies on the Saudi Tadawul Stock Exchange.
Its flagship project, Jabal Omar, is a mixed-use real estate mega-development project within walking distance of The Grand Mosque of Makkah.
As the Kingdom of Saudi Arabia continues to increase its capacity to welcome a growing number of pilgrims, JODC has been developing of the area surrounding The Grand Mosque. Jabal Omar Project will include a variety of 4-star and 5-star hotels with the capacity to host 36,000 visitors annually, and more than 100,000 visitors during Hajj season.
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