Thimar sees real estate investments as key focus for future growth: CEO

Melfi bin Manahi Al-Marzouqi, Managing Director and CEO of Thimar Development Holding Co.

Thimar Development Holding Co. plans to undertake real estate investments in line with its financial restructuring plan, Managing Director and CEO Melfi bin Manahi Al-Marzouqi told Argaam.

The company launched its 100%-owned Thimar Towers Development and Real Estate Investment Co. to tap the available opportunities in the real estate industry, especially real estate development, aligning with the Kingdom’s economic boom across all business sectors, which will boost the demand in the residential and commercial sectors.

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The new entity’s working capital will depend on the available opportunities, said Al-Marzouqi, adding that any investments will be duly revealed. He added that the company considers real estate development among its key strategic objectives over the coming period.

Al-Marzouqi forecast the real estate industry to account for the lion’s share of the company’s business portfolio, indicating that Thimar will also explore other opportunities in the food industry, agricultural marketing and other high-yielding sectors. Therefore, such investment diversification will enhance the company’s growth and stability over the coming five years, he noted.

Thimar recently established a new 100%-owned, one-person limited liability company named Thimar Towers Development and Real Estate Investment Co. with headquarters in Riyadh, according to data available on Argaam.