CEO of Abu Dhabi's Bloom says 'no immediate plans' to enter Saudi
EXCLUSIVE: Sameh Muhtadi says Bloom will not immediately enter the kingdom, but will continue to watch the market with interest
Abu Dhabi-based real estate developer Bloom Holding has no “immediate plans” to enter Saudi Arabia, its chief executive officer, Sameh Muhtadi, told Construction Week, but added that the GCC nation displays "real demand" for quality property, and would continue to be a market of interest for the UAE company.
Muhtadi said that he had no “specific target date for entering the market in Saudi Arabia”, but added that the group was keeping its eyes “open at the possibilities”.
“We know that it’s a significant market,” he added. “There’s very real demand there, but we have no immediate plans to move there.”
When asked the key considerations for Bloom when entering a new market such as the kingdom, Muhtadi said knowledge of the local regulations largely topped the list.
He added: “We also look at the availability of quality contractors, materials, demand of the market, and understanding the architectural angles – what is it that the local [audience] is looking for? You have to be very conscious of that.
"These are all very important, but I would say that knowledge of local regulations is key.”
While he reiterated that Bloom had no immediate plans to enter Saudi, Muhtadi said the “wisest start” when entering the kingdom would be to "partner with local capability [and] go through the learning curve with someone that can assist” the UAE developer.
“Depending on the relationship, we will either continue it go on our own eventually,” he added.
Bloom exhibited at the 13th iteration of Cityscape Abu Dhabi 2019, where the group showcased Abu Dhabi-based developments such as Park View and Soho Square, as well as Bloom Heights and Bloom Towers in Dubai’s Jumeriah Village Circle.
Speaking to Construction Week at the three-day event, Muhtadi said Bloom Holding plans to appoint a main contractor for its 220ha Abu Dhabi International Airport-adjacent Bloom District project in Q4 2019.