The finest living experience in Saudi Arabia
By adopting contemporary and innovative concepts in its real estate projects, Al Akaria is creating value for all stakeholders
“The opportunities to offer unique and distinguished real estate products in Saudi Arabia are vast. I am of the opinion that developers have to adapt to a new era of contemporary lifestyle developments that focus on sustainability whilst boosting end users’ experiences,” states Ibrahim M. Al Alwan, managing director and CEO of the Saudi Real Estate Company, Al Akaria.
As one of the leading real estate developers in Saudi Arabia, Al Akaria is helping to drive this transformation in the market. Established by royal decree in 1976, the joint-stock company has a long track record of developing, constructing and operating world-class residential and commercial projects that have become points of reference for excellence in the city of Riyadh. To remain at the forefront of the sector, in 2020 Al Akaria adopted a new corporate strategy that has been developed around the goals of Saudi Vision 2030, the company’s own vision to build the finest living experience in the country and its newly devised mission, which is to create human-oriented real estate experiences by utilizing modern and innovative concepts.
“We have rearranged our goals and strategic objectives to maintain our preeminent role in the local market. Among our new priorities is to tap into iconic, mixed-use destinations, and this market positioning requires a different set of development skills and capabilities. Therefore, we are procuring the right local and international talents, and we are contracting top-tier architectural and engineering firms to deliver unparalleled projects that contribute to Vision 2030, the company and all its stakeholders,” explains Al Alwan.
“Al Akaria’s current and pipeline projects are challenging but contemporary at the same time, with each having a live-work-play design spirit combined with intensive green landscaping,” he adds. Illustrations of this philosophy that are now under construction are Akaria Park, a master-plan development in northeast Riyadh with 3,222 residential plots, and a semi-gated community in Riyadh’s Diplomatic Quarter, one of the most prestigious neighborhoods in the city.
In all its projects, Al Akaria is focused on delivering value, Al Alwan states: “We are committed to maximizing value creation for the economy generally and Al Akaria’s stakeholders in particular: for the local community by offering contemporary, sustainable real estate projects; for our shareholders by delivering sustainable yet growing profits and dividends; for our employees by creating a vibrant work environment full of energy, enthusiasm and career growth; for end users by offering quality real estate products; for financial institutions by developing financing programs for our projects with an efficient capital structure; and for the government and country by offering reasonably priced housing solutions that support Vision 2030’s goal of increasing home ownership in Saudi Arabia.”