Saudi youth drives new wave of Riyadh business parks

Riyadh is the largest city for corporate expansion in the Kingdom. (Shutterstock)
Short Url
Updated 09 February 2020

Saudi youth drives new wave of Riyadh business parks

  • The report sheds light on the growing demand for office space in the capital

RIYADH: Savills, the leading global real estate services provider, released its latest Saudi Arabia market report analyzing the rise of business parks in Riyadh.

The report sheds light on the growing demand for office space in the capital and the introduction of business parks to meet the requirements of businesses. 

David O’Hara, head of Savills’ Saudi Arabia branch, said: “The concept of office space has undergone significant changes over the past few years. It has evolved from the ‘cubical’ setup in the nineties to ‘open plan’ desk space in the twenties and to ‘flexible’ and ‘co-working’ spaces today. This evolution has been driven by both changing business requirements as well as evolving employment needs.

“The Kingdom has been witnessing major changes over the past few years. With close to 40 percent of the country’s population between the age of 20-40 years, it’s imperative to incorporate their requirements while building. Riyadh is transforming smartly, hence the importance of introducing the concept of business parks to meet evolving and new business needs while attracting and retaining talent.”  

Riyadh is the largest city for corporate expansion in the Kingdom. According to Savills, the rise of business parks is likely to attract new and various business sectors in the next three years, such as in fintech, education, health care, entertainment, defense, transportation, consultancy and others related to Vision 2030. 

O’Hara said: “From a property management and facility management point of view, the entry of global companies and introduction of investment grade supply will necessitate the services of professional companies to manage assets. This is important as it offers a competitive advantage and helps maintaining the quality and service offering of the asset relevant to the changing market requirements. For the moment, most of the developers prefer to carry out these services in-house but we expect this to change over the next few years.”


MoU signed to facilitate investment in Saudi Arabia

Updated 21 February 2020

MoU signed to facilitate investment in Saudi Arabia

RIYADH: The Saudi Arabian General Investment Authority (SAGIA) and the Diriyah Gate Development Authority (DGDA) signed a memorandum of understanding (MoU) to step up cooperation, the Saudi Press Agency reported on Thursday.

Under the MoU, the two authorities will establish a joint working group to boost cooperation in several areas including facilitation provided to investors, conducting economic studies of the market, building partnerships with commercial and industrial bodies and local companies, launching businesses, promoting the ease of doing business, providing logistic support, participating in local and international exhibitions, forums and special visits and exchanging knowledge and information.

All this will predominantly be in aid of attracting local and foreign investors. 

“SAGIA believes in the importance of such cooperation that can unify and multiply the efforts in a way that sets the world’s attention on the Kingdom’s cultural and heritage treasures and investment opportunities,” said SAGIA Gov. Ibrahim Al-Omar.

“This is done through close cooperation with DGDA to highlight these opportunities and market them internationally and locally. This MoU is a step in the right direction to achieve the objectives and directives of both bodies.”

Jerry Inzerillo, CEO of the DGDA, said: “Cooperating with SAGIA is one of the most important international investment motors to attract local and international investments to the Kingdom. This comes at a time where developing the Kingdom’s investment infrastructure is found within the objectives of its Vision 2030.

“At DGDA, we aim at attracting the best technologies and regional and international investments to the Kingdom. This will contribute to the improvement of the local economy and promote our objectives seeking to turn Diriyah into the Kingdom’s gem and an international economic tourist destination,” he added.