Aqarat manages SAR 30B real estate portfolio: CEO

Abdulhadi Al-Rashidi, CEO of Aqarat Real Estate Development Co.

Alesayi Holding Co. started its official real estate activity with Aqarat Real Estate Development Co., Abdulhadi Al-Rashidi, CEO of Aqarat told Argaam.

On the sidelines of the Cityscape Global Exhibition in Riyadh, Al-Rashidi said that Aqarat was established in the early 1990s, focussing on developing raw lands and infrastructure.

Aqarat expanded its real estate activities over the past years by establishing the Saudi Real Estate Development Co., which specializes in developing residential, commercial, and industrial projects, Adaar Real Estate Services Co., and Alesayi Hospitality Co. (AHC), which specializes in hotels and tourist resorts.

The company has developed over 200 million square meters of land plots establishing itself as a leader in the industry over the past few years, said Al-Rashidi. It currently owns and manages real estate assets worth approximately SAR 30 billion in major cities, including Riyadh, Jeddah, Makkah, and Madinah.

In line with Saudi Vision 2030, Aqarat is developing these assets to enhance local and foreign real estate investments while supporting sustainable urban development.

Alesayi Holding, through its real estate sector, announced the acquisition of a strategic land plot in Jabal Omar, Makkah. The site covers approximately 2,600 square meters and will feature a hotel and residential tower. This development is being designed in collaboration with international companies to become one of the landmarks in Makkah.

The permits for constructing the hotel and residential tower are expected to be finalized by the end of Q1 2025, with construction anticipated to last two years.

Al-Rashidi said the project includes 35 floors, various commercial spaces and services. It aims to provide luxury hotel and residential units, representing an investment of nearly SAR 1.8 billion.

The project will bring a significant shift to the real estate market in Makkah, he emphasized.

The CEO remained optimistic about the Saudi real estate market, expecting the number of mega real estate projects to double due to ongoing governmental support.