Market Dynamics: The Surge in Rental Demand Across Saudi Arabia
The Saudi Arabian real estate sector is expected to achieve a significant increase in rental demand, fueled by the upcoming major events and the arrival of international executives.
< 1 min
Riyadh is becoming an attractive hub for startup establishment and expansion, leading to a noticeable boost in rental needs. Anticipated events on both the global and regional scale, as well as the establishment of new companies and creation of regional offices by multinational firms, are expected to significantly boost rental demand in key cities like Riyadh and Jeddah, according to experts in the field.
Riyadh’s growing appeal as a destination for startup development is contributing to this increase in rental demand. And events such as Step Saudi, a premier tech and startup festival, and LEAP, the largest global tech and entrepreneur conference, highlight the Kingdom’s increasing role in the global events scene, and further stimulate the rental market.
Property management executives emphasize Riyadh’s potential for market growth, given its population size compared with the other GCC cities like Doha. And while some consider expansion into Bahrain, Egypt, and Oman, Riyadh currently stands out as the prime location for real estate investment due to its rapid development and growth rate.
This trend is reinforced by the policies and financial encouragements of the Saudi government, aimed at attracting foreign investors.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
This collaboration will extend into the fourth phase of Azizi’s Riviera project in MBR City, with Cummins supplying top-tier power generators.
2 min
Azizi Developments, a prominent private developer in the UAE, and Cummins Inc., a global leader in power solutions design, manufacturing, distribution, and supply, are extending their partnership into the fourth phase of the large-scale Riviera project. Cummins, known for its diverse range of products including diesel, natural gas, electric, and hybrid powertrains, as well as powertrain-related components, like filtration, after-treatment, turbochargers, fuel systems, control systems, air handling systems, automated transmissions, electric power generation systems, batteries, hydrogen generation, and fuel cell products. The manufacturer is globally renowned for its excellence in both innovation and sustainability.
Mr. Farhad Azizi, CEO of Azizi Developments, said: “As we continue our collaboration with Cummins Inc. for the fourth phase of our flagship project, Riviera, we reaffirm our commitment to procuring and utilizing only the highest quality materials. This partnership highlights our dedication to providing exceptional lifestyles for our investors and end-users through the careful selection of premium components. We are confident that our now-broadened alliance with Cummins Inc. will help in maintaining the high standards established for Riviera and further elevate the benchmarks of quality and excellence.”
Riviera is part of Azizi Developments’ award-winning portfolio. It is a stylish waterfront lifestyle destination that comprises 75 mid- and high-rise buildings with approximately 16,000 residences.
Designed to introduce the French-Mediterranean lifestyle to Dubai, which is not merely about architectural art, but also about a certain ‘joie de vivre’ — a celebration of life, an exultation of spirit, Riviera represents a new landmark destination that is both residential and commercial, with an abundance of retail space. Riviera features three districts: an extensive retail boulevard, a lagoon walk on the shores of its 2.7 km-long swimmable crystal lagoon with artisan eateries and boutiques, and Les Jardins — a vast, lush-green social space.
With its strategic location near the upcoming Meydan One Mall and the Meydan Racecourse — home of the Dubai World Cup — as well as Dubai’s most noteworthy points of interest, Riviera represents one of Azizi Developments’ most coveted projects.
Azizi Developments’ Sales Gallery can be visited on the 13th floor of the Conrad Hotel on Sheikh Zayed Road.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
