Naif Alrajhi Investment Group, a real estate investment and development group, announced the signing of a strategic partnership agreement with Miskan, a real estate development company of Alfanar Group, to establish Aral Real Estate Development with the goal of implementing real estate development megaprojects.
Naif Saleh Alrajhi, chairman and CEO of Naif Alrajhi Investment Group, and Talal Hisham Al-Mutlaq, executive manager of Miskan, signed the strategic partnership agreement at the Fairmont Ramla Serviced Residences, one of Naif Alrajhi Investment’s hospitality projects in Riyadh.
Chairman Alrajhi said: “This partnership coincides with and achieves the Kingdom’s Vision 2030, to build an ambitious nation with a prosperous economy, and from here came the integration between both companies’ expertise in developing integrated real estate projects services. We intend to establish a new real estate development concept to construct residential cities that promote the formation of lively communities, which is one of the most significant streams of the national economy’s sustainable development. We also seek to create quality real estate project types.”
Meanwhile, Al-Mutlaq said that major projects that address the demands of the expanding market will be implemented as a result of this partnership, and that the establishment of a new company marks a significant turning point toward realizing the shared objectives of innovation and growth in the real estate development sector. “We are confident that this partnership will contribute to achieving quality projects that keep pace with the Kingdom’s aspirations within Vision 2030,” he added.
Aral Real Estate Development will develop large-scale infrastructure and superstructure projects for residential cities, promoting urban development and transformation in the Kingdom. This includes creating self-sufficient residential communities, recreational tourist resorts, commercial projects, and logistics cities that align with the vision of Saudi Arabia.
