RIYADH: Saudi Arabia’s real estate sector has garnered significant interest from investors in the UAE, according to a top developer based in Abu Dhabi.
Speaking to Arab News on the sidelines of the Future Hospitality Summit, IMKAN Properties’ CEO Suwaidan Al-Dhaheri said that the Kingdom holds numerous untapped opportunities in the realty sphere.
“Saudi Arabia is a booming place and there is no reason not to invest in Saudi, if there’s a chance and I’m sure there will be a chance in the future to invest,” Al-Dhaheri said.
He noted that the demand for developers in the Kingdom is growing, making it an opportune time for the firm to explore possible investment avenues.
“Now we have 80 percent currently focusing in UAE, 20 percent overseas,” the CEO explained.
He disclosed that the company currently has a major development in Morocco, which entails a hospitality segment, shopping facilities, and apartments. It will also include clinics and offices.
Furthermore, he discussed the upcoming addition surrounded by branded residences in the UAE, set to be unveiled before the end of the year.
“But it is not just a hospitality; it’s a hospitality, it’s a wellness and a clinic. So, it is a three in one and this is where we are trying to be different as a developer,” Al-Dhaheri noted.
The managing director spoke of the investment appeal secured through promoting a community-based interest.
“We are not just attracting the investment for our development. We are creating a community that attracts the investor to invest within our community,” he clarified.
During the interview, Al-Dhaheri also shed light on the fact that the firm is considering several international operators in an attempt to propel the hospitality sector as a whole.
Centered around the theme “Focus on Investment,” the summit catalyzes change, facilitating interactions among over 1,000 hospitality leaders through debates, dialogues, initiatives, and announcements.
Hosted at the Hilton Abu Dhabi Yas Island, the three-day event’s agenda includes contributions from more than 150 speakers hosting panel discussions, one-on-one interviews, and roundtables, as well as innovation pitches, and student-led sessions.