Riyadh – Sharikat Mubasher: ROSHN Group, a leading Saudi real estate developer, and Talaat Moustafa Group Saudi (TMG Saudi) signed a preliminary agreement to establish a joint company to explore the development of a mixed-use project in Riyadh.
Under the proposed structure, TMG Saudi will hold a 51% stake, while ROSHN Group will own 49%, according to a recent press release by ROSHN. The agreement provides a framework for the companies to assess the project through detailed master planning and business case development.
The residential-led development is expected to include more than 55,000 residential units, according to preliminary studies. Plans under evaluation also include retail, commercial, hospitality, leisure, healthcare, and education facilities, alongside parks and public spaces.
The partnership would combine ROSHN’s Saudi market and community development expertise with TMG Saudi’s experience in large-scale mixed-use projects.
Commenting on this, Naaman Atallah, Group CEO of ROSHN Group, said the partnership would help explore opportunities to unlock the potential of the company’s land bank.
For his part, Ahmed Hani Talaat Moustafa, CEO and Managing Director of TMG Saudi, said the project would support the Kingdom’s ongoing urban transformation.
