Lifestyle Destinations in Saudi Arabia: The Natural Evolution of the Real Estate Development Market

Mohammed Al Otaibi, CEO of Ajdan, talks about lifestyle destinations in Saudi Arabia. According to him, lifestyle development solutions are part of the natural growth and evolution of the real estate development market in Saudi.

“Our objective was to create more lifestyle destinations. In Saudi Arabia, we lacked lifestyle destinations, whether in Khobar or on the main beaches or the main cities in Saudi. Because of the lack of these destinations, there was a huge market gap. It is a new field that nobody had explored previously. The lack of comparable valuations for such properties was an opportunity that we had to explore. We took the risk, we explored it, and thank God it became very successful. We first had this idea seven years ago and the country has changed during those seven years, so it was a very big plus for us. We are now gaining some of the fruits that we sowed seven years ago. Lifestyle developments are very common internationally, in Europe, the US, and especially here in GCC and UAE, for example, Dubai and Abu Dhabi. We believe that it is a natural growth and evolution of the real estate development market. We did not reinvent the wheel; rather, we started where people had finished previously. We looked at the best practices in international markets and in the GCC markets. We built on that and we created our first product. It was not an idea that revolutionized the real estate sector here in Saudi Arabia. We just evolved naturally and that is part of our success”, says Mohammed Al Otaibi.

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