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.”

 ?? ?? Al Yamamah Residentia­l Project, Diplomatic Quarter
Al Yamamah Residentia­l Project, Diplomatic Quarter
 ?? ?? Ibrahim M. Al Alwan Managing Director and CEO, Al Akaria
Ibrahim M. Al Alwan Managing Director and CEO, Al Akaria

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