Hamat holds 22% of leasable area in Saudi market; 2024 saw noticeable growth: CEO

Abdullah Al-Tamimi, CEO of Hamat Holding

Hamat Holding, a prominent developer and operator in the commercial real estate sector, currently dominates 22% of leasable area in Saudi Arabia and aims to expand this share to 40% by 2030 through nationwide growth, CEO Abdullah Al-Tamimi told Argaam.

Speaking on the sidelines of the Retail Leaders Circle Global Forum 2025, Al-Tamimi highlighted that Hamat's portfolio features over 16 shopping centers of varying spaces, ranging from regional and community centers to plaza developments.

The company currently manages over 700,000 square meters (sqm) of leasable area, the CEO said, anticipating this figure to reach one million sqm by 2027.

This expansion aligns with Hamat’s ambitious strategy to become the region’s largest commercial operator by 2030.

As of the latest statistics in January 2025, occupancy at the company's commercial centers stood at 95%. The newly opened Myan Yard in Makkah recorded an occupancy rate of 57%.

Hamat is currently underaking Masar Mall, part of the Masar project being developed by Umm Al Qura for Development & Construction Co. in Makkah. The mall will feature 63,000 sqm in leasable area and is set to open in February 2027, with a strong emphasis on the retail sector.

Additionally, Hamat is developing Al Huda Park in Makkah, located along the Fourth Ring Road. Spanning a leasable area of 50,000 sqm, the project aims to serve both residents and visitors of the city.

Al-Tamimi also pointed the noticeable growth in sales and profits witnessed during 2024, alongside a rising demand in the retail and entertainment sectors, which reflected the market’s vitality and its potential for expansion.

He emphasized that excellence in delivering real estate products is key to success amid growing competition. He also noted that a deep understanding of the success partners’ needs enables developers to navigate challenges and achieve sustainable growth.

In 2024, Hamat finalized mapping out its future strategy, aimed at boosting its leasable area to two million sqm, ramping up profits, and expanding into select locations.

Al-Tamimi pointed out that Hamat’s strategy focused on maximizing the market value of its current portfolio, in addition to taking fundamental steps in implementing governance and automation within the company. The most favorable opportunities are currently under study, he concluded.