Saudi Plans 55,000-Home Riyadh Project as ROSHN Signs Deal

ROSHN and TMG Saudi sign a preliminary agreement to explore a Riyadh mixed-use community with more than 55,000 homes, alongside retail, hospitality, healthcare, education and public spaces.

Saudi Arabia’s ROSHN Group and Talaat Moustafa Group Saudi (TMG Saudi) sign a preliminary agreement to establish a joint company to explore the development of a large-scale mixed-use community in Riyadh. The proposed project is expected to include more than 55,000 residential units along with a range of commercial and community facilities.

Under the proposed structure, TMG Saudi is set to hold a 51% stake in the joint company, while ROSHN Group will own the remaining 49%. The agreement provides a framework for both companies to assess the project and undertake further planning before development proceeds.

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The proposed development is planned as a residential-led, integrated community in a prime location in Riyadh. In addition to the more than 55,000 homes under preliminary plans, the project is expected to incorporate retail, commercial, hospitality, entertainment, healthcare and education facilities. Parks and public spaces are also planned as part of the community framework.

ROSHN and TMG Saudi are set to undertake detailed master planning and develop a business case for the project. The phased approach allows the companies to assess the development potential and define the scope of residential and supporting assets before implementation.

The partnership brings together ROSHN’s land portfolio and experience in developing integrated communities in Saudi Arabia with TMG Saudi’s expertise in large-scale mixed-use developments. The companies state that the collaboration is intended to unlock additional investment opportunities across residential, commercial, hospitality and retail segments.

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The agreement follows a memorandum of understanding signed in June between TMG Saudi and Saudi Arabia’s Public Investment Fund (PIF) to explore real estate development opportunities across the Kingdom. ROSHN is a PIF company and focuses on developing integrated residential communities and destinations across Saudi Arabia.

The proposed  Riyadh project remains under evaluation, with its final investment value, financing structure and development timeline yet to be disclosed. The preliminary agreement nevertheless establishes a framework for the two groups to advance planning for one of the larger residential-led mixed-use developments currently being explored in the Saudi capital.