Saudi Arabian property developer Raza plans to double the assets it manages to 26 billion riyals ($6.9 billion) by 2024 amid growing demand for mid- to high-end properties in the kingdom.
The real estate management arm of the Public Pension Agency wants to manage assets belonging to third-party investors such as banks, real estate investment trusts and government entities, CEO Waleed Al Eisa said in an interview in Riyadh.
“The demand is there,” Al Eisa said. “We don’t see much competition in property asset management. I think we’re at a phase where we are close to a bottom-up when we talk about the medium to high-end property segment.”
Raza, previously known as Al-Ra’idah, manages projects such as Digital City and Diplomatic Quarter in Riyadh. It’s developing 7,000 residential units in Riyadh, Dammam and Jeddah.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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