Airports in Saudi Arabia and SATCO’s Investments
“SATCO is very active in airport systems. For more than 25 years, we had a contract to operate the luggage carousels in King Khalid Airport,” says Dr. Ahmed Sindi, General Manager of SATCO.
Outlook for Saudi Arabia is Bright According to Al Ajlan
“Saudi Arabia has a bright future. There is a lot of expansion going on. The government is spending a lot of money, especially in the western areas of Mecca, Medina, Jeddah and the King Abdullah Economic City,” says Dr Mohammed A. Al-Ajlan, CEO of Ra-yek Real Estate.
Riyadh Tower, A 50 Stories Tower Designed by Atkins
“Riyadh Tower was designed by a well-known English design company called Atkins. The project was scheduled to start in 2012 but we postponed it… we should start this project in 2015 or the beginning of 2016,” says Dr Mohammed A. Al-Ajlan, CEO of Ra-yek Real Estate.
Saudi’s Real Estate Challenges: Avoiding Bad Investments of the Past
“The future is bright for the real estate sector, especially in the commercial and residential sector. Some land is overvalued but in general there is a lot of potential in the real estate market, especially when you choose the right project in the right location at the right time,” says Dr Mohammed A. Al-Ajlan, CEO of Ra-yek Real Estate.
Leading Clothing Brand for Men in Saudi Arabia: Richy
“Richy is one of the best brands because we do not compete with our products but with our services. We have tried to make Richy a luxury brand. We are not just selling a piece of fabric because anybody can do that,” explains Dr Mohammed A. Al-Ajlan, CEO of Ra-yek Real Estate.
Al Ajlan Allied Group: Textile Trading and Real Estate
“Al Ajlan Allied Group is divided into two sectors, trading and real estate. Our business is shared equally between trading and real estate,” says Dr Mohammed A. Al-Ajlan, CEO of Ra-yek Real Estate.
Saudi Government to Build 500,000 Real Estate Units
“The Saudi market is currently facing a very short supply of real estate properties, which will fuel the demand over the next few years. The gap we need to fill about 1.2 million units over the next 5 years, which shows you the size of our inventory and the potential for growth within the market,” says Majed Al Hogail, Managing Director of Rafal Real Estate Development Co.
Saudi’s Real Estate Prices Should Not Grow Further
“The question is whether the residential prices are affordable. Currently with the prices as they are, there is a huge difference between property prices and people’s income… Over the last 3 or 4 years, the pricing acceleration was quite aggressive so I do not think we shall see much higher prices,” says Majed Al Hogail, Managing Director of Rafal Real Estate Development Co.
Rafal Real Estate: Community Innovation in Saudi Arabia
“Rafal Real Estate began nearly six years ago. However, the shareholders of the company have more than 60 years’ experience in terms of business conduct in Saudi Arabia. The differential we have is that we are community innovators and not homebuilders,” says Majed Al Hogail, Managing Director of Rafal Real Estate Development Co.
Challenges to Doing Business in Saudi According to Rafal Real Estate
“As in any emerging market, regulations are not black and white. Here in Saudi Arabia, we have regulations but the interpretation and the implementation of these regulations represent quite a challenge for doing business here,” says Majed Al Hogail, Managing Director of Rafal Real Estate Development Co.