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Saudi-listed Dar Al Majid Real Estate has entered into an agreement to develop a residential tower in Riyadh, marking another addition to its urban housing portfolio in the capital. The announcement, made in the past week, reflects the company's continued focus on residential assets aligned with Riyadh's growing population and housing demand. While specific project details were not disclosed, the agreement comes at a time when private developers are expanding activity to support Saudi Arabia's housing goals under Vision 2030. The move builds on Dar Al Majid's established presence in residential and mixed-use developments.
Dar Al Majid Real Estate has signed an agreement for the development of a residential tower in Riyadh, according to a disclosure made in the past week. The company informed the market that the agreement relates to a new residential project in the Saudi capital, though it did not provide further details on project size, construction timelines, or investment value. Advertisement
Riyadh continues to be a key focus area for real estate developers as the city sees sustained demand for housing driven by population growth, job creation, and government-led urban expansion. The residential tower agreement aligns with broader market trends where developers are prioritising vertical housing to optimise land use in prime urban locations.
Dar Al Majid Real Estate has previously been involved in residential, commercial, and mixed-use projects across Saudi Arabia. In recent years, the company has benefited from rising interest in organised residential developments, supported by mortgage growth and housing programmes aimed at increasing home ownership among Saudi nationals.
The agreement also comes amid increased private sector participation in real estate development, encouraged by regulatory reforms and investment-friendly policies. Developers have been steadily adding new housing supply, particularly in Riyadh, which remains central to the country's long-term economic and urban planning strategy.
Source Reuters
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