Saudi Arabia’s Rawabi Holding, a market leader in the Kingdom serving major energy sectors including oil and gas, marine, industrial, contract services and manufacturing, announced the creation of Magnom Properties, the company’s real estate vertical, which will oversee the construction of high-value commercial, residential and lifestyle projects in Saudi Arabia, Egypt and the wider MENA region.

The ambitions displayed by Rawabi Holding were evident during the high-level board meeting held at the company’s headquarters in Al Khobar, which was also attended by world-renowned American architects Adrian Smith and Gordon Gill, representing their firm AS+GG Architecture. .

Prior to founding their company, Smith was the design partner at Skidmore, Owings & Merrill LLP (SOM) which was responsible for the design of the world’s tallest structure, Burj Khalifa, as well as the master plan for the King’s Economic City. Abdallah, Trump International Hotel & Tower in Chicago, Jin Mao Tower in Shanghai and Zifeng Tower in Nanjing. AS+GG Architecture also designed the Jeddah Tower, which when completed will become the tallest structure in the world, as well as the dome of Al Wasl Plaza, which is the centerpiece of the recent Expo 2020 held in Dubai. Other notable projects include Astana World Expo 2017, Burj Vista in Dubai and Central Park Tower in New York, which is currently the tallest residential tower in the world.

Commenting on the announcement, Abdulaziz Al Turki, Group Chairman, Rawabi Holding and Nesma & Partners; The Chairman of Magnom Properties, said: “Our real estate journey will focus on creating dynamic environments and developments, which will respond to the rapidly changing lifestyles, aspirations of businesses, industries and future generations. . We will also be aware of the quality, reliability, on-time delivery and sustainability of our projects. These values ​​are intrinsic to Rawabi Holding, through its 40 years of existence and will be reflected in Magnom Properties.

Othman A. Ibrahim, CEO, Rawabi Holding; The Vice President of Magnom Properties, added: “We understand how crucial it is to continue to develop our businesses, and expansion into real estate is part of our growth strategy. Together with Magnom Properties, we will ensure that we maintain unwavering compliance with the fundamental principle of sustainability, which has been the driving force behind the development of our high profile projects, aligned with the goals of Saudi Vision 2030, as stipulated by the leaders of the Kingdom. . We will focus on projects shaped by world-class contemporary design solutions and attention to the environment.

Maged Marie, CEO of Magnom Properties, said, “Real estate and construction continue to be key drivers of a non-oil economy in the region. As countries focus on achieving their Net Zero goals, Magnom Properties aspires to be part of the solution to climate change. With Adrian Smith and Gordon Gill as architects, we are confident we have the expertise to do just that. AS+GG architectural designs have evolved tremendously over the years to become more versatile and sustainable, exploring new technologies, eco-friendly materials and other energy-efficient practices in their design concepts that will help build a brighter future. sustainable for generations to come.

ESG considerations have also been a priority for real estate investments in the region, in line with the United Nations Sustainable Development Goals. Additionally, there has been an overall rebound in projects across the MENA region, which is promising given the challenges posed by the pandemic.

Construction activity in the MENA region maintained positive momentum throughout 2021. The trend is expected to continue this year. According to a study conducted and published by JLL MENA titled “MENA Construction Economic & Cost Insights (2022)”, a total of $156 billion worth of projects were awarded in 2021 in the MENA region, as developers in Saudi Arabia , Egypt and the United Arab Emirates have doubled down on their focus on Vision programs and the race to Net Zero.

Rawabi Holding has accumulated four decades of experience in different sectors through its wholly owned subsidiaries, joint ventures and partnerships with international market leaders. It is a regional leader serving major energy sectors including oil and gas, marine, industrial, contracting and manufacturing services. Through these divisions, they provide a diverse range of products and services to a variety of industries: oil and gas, petrochemicals, engineering and construction, energy, industrial services and logistics.

Meanwhile, not only commodity markets, but also financial and capital derivatives markets are seeing a renewed wave of interest from long-term investors and intraday traders. Financial instruments based on oil and gold are currently the most frequently traded, according to analyzes by Golden Brokers, one of the leading brokers focusing on Asian markets.

Agencies