ROSHN Group and TMG Explore 55,000-Home Mixed-Use Project in Riyadh

RIYADH, SAUDI ARABIA – ROSHN Group and Talaat Moustafa Group Saudi (TMG Saudi) have signed a preliminary agreement to establish a joint company to explore and develop a major mixed-use project in Riyadh.

Under the proposed structure, TMG Saudi will hold a 51% stake, while ROSHN Group will hold 49% in the joint company. The agreement establishes a framework for the two groups to evaluate a potential partnership for the phased development of the project.

The collaboration will combine ROSHN Group’s knowledge of the Saudi market and experience in delivering integrated, human-centric communities and destinations with TMG Saudi’s experience in large-scale, mixed-use developments.

The partnership is expected to explore investment opportunities spanning residential and commercial developments, hospitality, retail and fully integrated communities, drawing on ROSHN Group’s extensive land bank and Talaat Moustafa Group’s track record in delivering large-scale mixed-use projects.

More than 55,000 residential units planned

The concept under evaluation is for a residential-led, mixed-use community supported by retail, commercial, hospitality, leisure, healthcare and education facilities, together with parks and public spaces.

ROSHN Group and TMG Saudi intend to undertake detailed master planning and business case development for the project.

According to preliminary studies, the development is expected to comprise more than 55,000 residential units.

Naaman Atallah, Group Chief Executive Officer of ROSHN Group, said:

“ROSHN Group is committed to unlocking the potential of its strategic land bank through partnerships with leading developers that share our ambition for creating exceptional destinations. We are pleased to explore this opportunity with TMG Saudi and assess how our combined expertise can contribute to the development of a world-class mixed-use project that enriches quality of life and supports the objectives of Saudi Vision 2030.”

Ahmed Hani Talaat Moustafa, Chief Executive Officer and Managing Director of Talaat Moustafa Group Saudi, said:

“Saudi Arabia offers an exceptional environment for urban development, and we value the opportunity to explore this project with ROSHN Group. We will now work with our partners to assess how our experience in building integrated communities contributes to supporting the urban transformation underway across the Kingdom.”

The proposed development would further expand the pipeline of large-scale integrated communities in Riyadh as the Saudi capital continues its urban transformation under Saudi Vision 2030