GOSI's assets valued at SAR 23 bln, office spaces see strong demand: Osool's CEO

Osoul Integrated Real Estate Co.'s CEO Abdul Fattah Kurdi

The value of assets managed by the General Organization for Social Insurance (GOSI) stands at SAR 23 billion, said Osoul Integrated Real Estate Co.'s CEO Abdul Fattah Kurdi.

He told Argaam that his company does not own properties, as it is the administrative agent for GOSI, indicating that the occupancy rate reached 90% for both the office and commercial segments (commercial complexes) due to the economic boom in the Kingdom.

There is a very strong demand for office space in the Kingdom and in Riyadh in particular, given the growth seen by government agencies which requires the employment of additional human cadres and thus needing more offices, in addition to foreign companies moving their headquarters to the Kingdom, said Kurdi.

He also pointed out that such demand led to an increase in prices, in light of the lack of supply, which is positive for GOSI and pensioners.

Kurdi also ruled out a plan currently to float the company on Tadawul or via a REIT fund.

GOSI launched yesterday Osool as its new real estate arm, in a key step to boost the performance of one of the largest diversified local real estate investment portfolios in the Kingdom, according to Argaam's data.

Osool was established in April 2022 by GOSI to manage its local investment real estate portfolio. This came after merging all of GOSI's previous departments and real estate arms into Osool and the acquisition of all their business in real estate management (Jawda, Raza, and GOSI’s property management department).

Osool has a well-diversified real estate portfolio, as it manages and operates more than 30 real estate assets, including office, commercial, residential and hotel properties.