Saudi's PIF launches "Roshn" real estate firm to meet housing demand
Roshn will develop urban neighbourhoods; incorporate latest construction technologies; and enhance citizens' quality of life
Saudi Arabia’s sovereign Public Investment Fund (PIF), which is led by the Crown Prince HRH Mohammed bin Salman bin Abdulaziz Al Saud, has launched a real estate company called “Roshn”, which will specialise in developing integrated urban neighbourhoods containing residential communities with modern standards across the kingdom.
Roshn will aim to meet the demand for new housing supply; develop integrated neighbourhoods; localise international best practices; incorporate the latest technologies in construction; and enhance the quality of life in various parts of the kingdom.
The company will also invest in identifying the right locations for its projects with the aim of creating a suitable space for housing and entertainment.
Roshn will also boost the PIF’s contribution to strengthening strategic partnerships with the private sector and investors, as it will create opportunities for support and development within the contracting and building materials sector.
The firm will aim to adopt innovative building methods and modern technologies in building infrastructure, and will focus on raising standards in the local sector.
Saudi Arabia aims to increase residential ownership among its citizens to 70% by 2030.
In addition, the PIF believes that Roshn will create many job opportunities in the construction, maintenance, and infrastructure sectors, according to the state-run Saudi Press Agency.