The new company represents Rawabi Holding’s arm in the real estate sector
Magnum Properties will oversee the construction of high value projects in the commercial, residential and lifestyle sectors in Saudi Arabia, Egypt and the MENA region
World-renowned architects Adrian Smith and Gordon Gill are responsible for designing the firm’s projects in the region as representatives of their firm AS + GG, Adrian Smith and Gordon Gill Architecture.“
Al Khobar, Kingdom of Saudi Arabia: Rawabi Holding, the leading Saudi company providing services to key sectors including energy, which includes oil and gas services, maritime services, industrial services, contracting and manufacturing services, announced today the establishment of “Magnum Real Estate” as its real estate arm. You will be responsible for overseeing the construction and construction of high-value commercial, residential, and lifestyle projects in Saudi Arabia, Egypt, and the MENA region.
Rawabi Holding unveiled the ambitious move during a high-level meeting of its board of directors that took place at its headquarters in Al Khobar with the presence of world-renowned American architects Adrian Smith and Gordon Gill, as representatives of their firm, AS + GG. “Architecture Adrian Smith & Gordon Gill”.
Prior to founding Adrian Smith & Gordon Gill Architecture, Smith was the Design Partner at SOM, where he was responsible for designing the tallest building on earth, the Burj Khalifa, as well as the master plan for King Abdullah’s economic city, a tower and a Trump hotel. World in Chicago, Jin Mao Tower in Shanghai and Zifeng Tower in Nanjing. His company also designed the Jeddah Tower, which will be the tallest building in the world upon completion, in addition to the Al-Wasl Dome, which embodies an urban masterpiece at the recently completed Expo 2020 Dubai site. Other notable projects in which the company is involved include: Expo 2017 Astana, Burj Vista in Dubai and Central Park Tower in New York, which is today the tallest residential building in the world.
In this context, Abdulaziz Al-Turki, Chairman of the Board of Directors of Rawabi Holding Group and Nesma & Partners, and Chairman of the Board of Directors of Magnum Real Estate, said: “Our new real estate project aims to focus on creating dynamic environments and ambitious projects that keep pace with rapidly changing lifestyles, and meet the aspirations of different companies and sectors and the needs of future generations. Through these projects, we will ensure that the highest levels of quality and reliability are taken into account and delivered according to the specified schedules in a manner consistent with the highest standards of sustainability. These values embody an extension of the work methodology set by Rawabi Holding during its 40-year journey, it will also be reflected in the business methodology of Magnum Properties. “
For his part, Othman Ibrahim, CEO of Rawabi Holding Group and Vice Chairman of the Board of Directors at Magnum Properties, said: “Entering the real estate sector stems from our belief in the importance of developing and diversifying our business sectors and inside the frame. of our growth strategy. Through Magnum, we will ensure that Real Estate ‘continues to fulfill our committed commitment to the principles of sustainability, which was a driving force behind the pioneering projects we built in line with the objectives of Saudi Vision 2030 approved by the wise Government of the Kingdom . We will certainly continue our focus on projects backed by modern world-class design solutions, capable of meeting all the necessary environmental requirements in today’s world. “
For his part, Majed Marei, CEO of Magnum Real Estate, said: “The real estate and construction sector continues to play a vital role as a major driver of the region’s non-oil economy. As countries around the world focus on achieving of zero neutrality objectives, Magnum Real Estate expects to contribute effectively to finding effective solutions to climate change, we are confident that the expertise of AS + GG ‘Adrian Smith & Gordon Gill Architecture’, which will be responsible for creating of designs for our projects, will contribute to the support of our efforts to achieve these aspirations.The design of this company have witnessed tremendous development over the years to become more Diversity and sustainability using the latest technologies, using environmentally friendly materials and adopting energy efficiency practices, which are key elements that will certainly help predict a more sustainable future for future generations. ”
It is worth noting that environmental, community and governance considerations are a top priority for real estate investments in the region in line with the United Nations Sustainable Development Goals. In addition, the Middle East and North Africa region is experiencing an overall recovery of projects, which presents a promising indicator, especially after the challenges imposed by the pandemic.
Construction activity in the Middle East and North Africa region has maintained its positive momentum during 2021 and this moment is expected to continue during the current year. According to research conducted and published by GLL MENA entitled “Summary of economic status and related costs of the construction sector and real estate development in the region”, projects worth $ 156 billion were awarded during 2021 throughout the MENA region . And developers in Saudi Arabia, Egypt and the UAE have doubled their focus on vision programs and the race to achieve zero emissions targets.
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About “Rawabi Holding”
Rawabi Holding was established four decades ago, during which it gained extensive experience in various sectors through its owned companies, joint ventures and close partnerships with leading entities in various international markets. The Group is a regional leader focused on providing key services to the energy sectors, which include oil and gas services, marine services, industrial services, contracting and manufacturing services. Through these divisions, the group offers a diverse selection of products and services for several sectors, including: oil and gas, petrochemicals, engineering, construction and building, energy and industrial services, and logistics.
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