Saudi Arabia’s Rawabi Holding, has launched a new firm through the establishment of Magnom Properties – the real estate vertical of the company.
According to a statement from Rawabi Holding, Magnom Properties will oversee the construction of high-value commercial, residential and lifestyle projects in KSA, Egypt, and the wider MENA region.
Commenting on the announcement, Abdulaziz Al Turki, group chairman at Rawabi Holding and Nesma & Partners, and chairman of Magnom Properties said: “Rawabi Holding’s 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.
“Rawabi Holding 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.”
Rawabi Holding’s has interests in oil and gas, marine, industrial, contracting and manufacturing services, and is headquartered in Al Khobar.
Rawabi Holding partners with renowned architects
The new firm has brought onboard renowned American architects Adrian Smith and Gordon Gill, representing their firm AS+GG Architecture.
AS+GG Architecture designed the Jeddah Tower, which when completed will become the world’s tallest structure, as well as the Al Wasl Plaza’s dome, which was the centrepiece of the recent Expo 2020 Dubai.
Othman A. Ibrahim, CEO of Rawabi Holding and 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.
Othman Ibrahim, CEO of Rawabi Holding and vice chairman of Magnom Properties said: “With Magnom Properties, we will ensure to maintain 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.”
Meanwhile, Maged Marie, CEO of Magnom Properties, added: “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 to 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,” he concluded.