Saudi Arabia’s rapidly expanding urban landscape is opening new avenues for property developers, investors, and businesses. The real estate sector in the kingdom is transitioning towards larger, integrated developments with increased involvement from the private sector. This growth is prominently displayed at the fifth Saudi Real Estate Development and Ownership Exhibition in Jeddah, which gathers government agencies, developers, investors, financial institutions, and real estate service providers under one roof.
One of the key highlights of the exhibition is the ROSHN Group’s unveiling of MARAFY, a significant waterfront project in northern Jeddah. Spanning more than 9.3 million square meters, the development is centered around an artificial waterway that connects to the Red Sea via Obhur Creek. Designed to accommodate over 70,000 residential units, MARAFY aims to eventually house more than 225,000 residents. Within this extensive development, the Alarous community is projected to feature around 18,000 residential units, with various companies contributing to the broader master plan.
In addition to local projects, international developers are also expanding their footprint in Saudi Arabia. New Event Development, a company with operations in Egypt and Türkiye, has already initiated projects in Jeddah and has plans to extend its reach to Riyadh. The company cites the opportunities stemming from Saudi Vision 2030 as a driving force behind its expansion strategy.
As investment opportunities multiply, legal experts are emphasizing the importance of due diligence for property buyers. They advise prospective buyers to conduct comprehensive checks before purchasing, including verifying property ownership, confirming the legal status of the developer, and ensuring the authority of the individual signing the contract. Experts also recommend reviewing commercial registration, ownership documents, payment terms, delivery schedules, guarantees, and penalties for potential delays. Additionally, buyers are cautioned against transferring funds to personal accounts and are encouraged to seek legal counsel before finalizing property agreements.