Aldyar Alarabiya mulls floating stake on Tadawul, says CEO

CEO Nayef Al-Atawi

Aldyar Alarabiya Real Estate Development Co.'s CEO Naif Alatawi said that offering a stake in the company’s for subscription on the Saudi Exchange (Tadawul) is "very possible," adding that the proposal is under study and a decision will be taken in this regard in the coming days.

In an interview with Argaam, on the sidelines of Restatex Riyadh Exhibition 2022, Alatawi said that REITs and real estate funds are available options for the company, indicating that developers are resorting to them to boost housing supply.

He also pointed out the market is currently in a strong position, backed by clear legislations that contribute to the provision of high quality housing units in various pricing slabs.

Alatawi said the demand for housing continues to grow, especially in major cities.

The company's SAR 350 million Shams Aldyar project in Riyadh, which comprises 503 housing units, is 99% complete, the CEO said. Meanwhile, the value of the Pearl project in Yanbu, which includes 1,200 housing units, is more than SAR 700 million.

The top executive also pointed out that Aldyar Alarabiya entered into a partnership with the National Housing Co. (NHC) in three projects, which is a partnership between the owner of the land and a company to develop the superstructure.

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