Dammam, Saudi Arabia - Abdullah Al Othaim Investment Company has launched a dedicated real estate development arm with plans to invest more than $4.27 billion (AED 15.68 billion) in approximately 10 projects across Saudi Arabia over the next two years.
The new business, Al Othaim Developments, plans to deliver around 8,000 residential units across several Saudi cities.
Its projects will focus on integrated destinations combining residential properties with hospitality, retail, entertainment and office uses, depending on the location and market requirements.
First project planned in Dammam
Al Othaim Developments' first project will be The O Residence in Dammam, with further schemes planned in other Saudi cities under the two-year investment programme.
The company said the new platform will build on the investment capabilities of Abdullah Al Othaim Investment Company while focusing specifically on real estate development opportunities.
Abdulmalik Abdullah Al Othaim, Vice Chairman and CEO of Abdullah Al Othaim Investment Company, said: "The launch of Al Othaim Developments marks a new strategic milestone in the group’s journey."
"We do not view real estate development simply as an addition to our portfolio. Rather, it is a sector in which we aspire to build an integrated presence through a specialised platform that understands market needs and translates them into thoughtfully planned destinations."
The company said its strategy will focus on developments that extend beyond standalone residential units by combining homes with services and amenities suited to the needs of each market.
Al Othaim added: "The success of any real estate project begins with a deeper understanding of what people are looking for and how their needs and lifestyles are changing."
The mix of residential, hospitality, retail, entertainment and office components will vary by city and location, allowing individual projects to respond to local demand.
Al Othaim Investment Company said it will also pursue strategic partnerships as it expands the development platform and grows its real estate portfolio across Saudi Arabia.
