KSA’s Rawabi Holding expands into real estate,
establishes Magnom Properties
· Newly established business to be a part of the Rawabi Holding’s real estate vertical
· Magnom Properties will oversee the construction of high-value commercial, residential and lifestyle projects in KSA, Egypt and the wider MENA region
· World-renowned architects Adrian Smith and Gordon Gill representing AS+GG Architecture will be driving prestigious projects for the business in the region
Al Khobar, KSA; April 24, 2022: Saudi Arabia’s Rawabi Holding, a market leader in the Kingdom serving the major energy sectors including oil and gas, marine, industrial, contracting and manufacturing services, today announced the establishment of Magnom Properties, the real estate vertical of the company, which will oversee the construction of high-value commercial, residential and lifestyle projects in KSA, Egypt and the wider MENA region.
The ambitions evinced by Rawabi Holding was evident during the high-level board meeting that took place at the company’s headquarters in Al Khobar, which was also attended by the world-renowned American architects Adrian Smith and Gordon Gill, representing their firm AS+GG Architecture.
Prior to starting their firm, Smith was the Design Partner at Skidmore, Owings & Merrill LLP (SOM) that was responsible for the design of the world’s tallest structure, Burj Khalifa, as well as the masterplan for The King Abdullah Economic City, Trump International Hotel & Tower in Chicago, the Jin Mao Tower in Shanghai and the Zifeng Tower in Nanjing. AS+GG Architecture also designed the Jeddah Tower, which when completed will become the world’s tallest structure, as well as the Al Wasl Plaza’s dome, which is the center piece for the recent Expo 2020 held in Dubai. Additional notable projects include Astana World Expo 2017, Burj Vista in Dubai, and Central Park Tower in NYC, which is currently the world’s tallest residential tower.
Commenting on the announcement, Abdulaziz Al Turki, Group Chairman, Rawabi Holding and Nesma & Partners; Chairman of Magnom Properties, said, “Our venture into real estate will focus on creating dynamic environments and developments, which will cater to the rapidly evolving lifestyles, aspirations of businesses, industries, and future generations. We will also be conscious of Quality, Reliability, Timely 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; Vice Chairman of Magnom Properties, added, “We understand how crucial it is to keep developing our business sectors, and expanding into real estate has been a part of our growth strategy. With Magnom Properties, we will ensure to maintain an unwavering compliance to the core principle of sustainability, which has been the driving force behind the development of our high-profile projects, aligned with the objectives of Saudi Vision 2030, as stipulated by the Kingdom’s leadership. We will focus on projects fashioned by world-class, contemporary design solutions, and attention to the environment.”
Maged Marie, CEO, Magnom Properties said, “Real estate and construction continue to be key drivers for a non-oil economy in the region. As countries are focused on achieving their Net Zero goals, Magnom Properties aspires to be part of the solution on climate change. With Adrian Smith and Gordon Gill as our architects, we are confident we have the right expertise to do so. AS+GG architectural designs have evolved tremendously over the years to become more versatile and sustainable, exploring newer technologies, eco-friendly materials and other energy-efficient practices in their design concepts that will help build a more sustainable future for generations to come.”
ESG considerations have also been a priority for real estate investments in the region in keeping with the United Nation’s Sustainable Development Goals. Furthermore, there has been an overall rebound in projects across the MENA region, which is promising, considering the challenges that were presented by the pandemic.
Construction activity in the MENA maintained a positive momentum throughout 2021. The trend is expected to continue this year. According to research conducted and published by JLL MENA titled ‘MENA Construction Economic & Cost Insights (2022)’, a total of $156 billion worth of projects were awarded over 2021 across the MENA region, as developers across KSA, Egypt and the UAE have doubled their focus on Vision Programmes and the race to Net Zero.
