Riyadh, Saudi Arabia - RAFAL Real Estate Development Company, a distinguished leader in the Saudi real estate market, proudly announces its strategic partnership with HIVE, the innovative Dubai-based living solution. This collaboration marks a pivotal milestone in RAFAL's journey, underscoring its commitment to redefining the residential landscape across the GCC region.
The groundbreaking ceremony for HIVE Riyadh, a prestigious 200-key apartment building situated on King Salman Bin Abdulaziz Road, represents the inaugural step in this promising venture in Saudi Arabia.
RAFAL and HIVE Forge Partnership to Revolutionize Living in Saudi Arabia
Innovative Co-Living Concept
HIVE embodies a cutting-edge living solution tailored specifically for the dynamic lifestyle of young professionals. Designed to cater to this demographic, the company’s concept delivers a comprehensive plug-and-play living experience.
This innovative concept is rooted in the pillars of flexibility, community, and convenience, forming the cornerstone of the company’s commitment to providing a living environment that seamlessly aligns with the contemporary aspirations and preferences of young professionals.
Elias Abousamra, CEO of RAFAL, stated:
"At RAFAL, our foundation is built on a culture of boldness, aspiration, and achievement. This essence not only defines our ethos but serves as the bedrock for our collaborative partnership with HIVE. Together, we embark on a journey to pioneer innovative living solutions, merging our strengths to create high-standard communities, services, and business practices that will redefine the landscape of modern living in Saudi Arabia and beyond."
Bass Ackermann, CEO of HIVE, expressed his enthusiasm for the strategic alliance:
"This collaboration seamlessly merges HIVE’s innovative living concept with RAFAL’s local understanding to redefine contemporary living in Saudi Arabia. Beyond a business venture, it’s a merging of expertise, dedicated to shaping distinctive, community-centric living spaces that resonate with our residents’ unique aspirations."
Leveraging its success in the UAE, HIVE will introduce its proven co-living concept to Saudi Arabia. Recognizing the rising demographic of young professionals in the region, it offers living solutions that prioritize the needs of this demographic. This includes the provision of flexible workspaces, a fully-equipped chef’s kitchen, a dedicated listening room, a comfortable resident lounge, an inviting pool, and state-of-the-art fitness facilities.
Saudi-based Rafal Real Estate Development has announced that its joint venture with Citic Construction, a subsidiary of China’s state-owned conglomerate Citic group, has reached an agreement with National Housing Company for the construction of an industrial complex in Riyadh.
The complex offers fully integrated supply chains - ranging from advanced green pre-cast to modular housing solutions in addition to related industries spanning electro-mechanical installation and other finishing materials - that are essential for the construction of scalable social housing projects within the shortest time schedule.
As per the deal, Saudi National Housing Company will extend its support to the JV by providing a strategic location for the facilities serving the newly-planned masterplans in the North-East of Riyadh.
It will also provide a land block bank serving 20,000 homes for the first phase of the project.
The estimated capex of the complex and construction of the houses will be over SR12 billion ($3.2 billion), said a top official.
Citic Construction Chairman Chen Xiaojia said: "We are pleased to participate in the development of the Saudi construction industry and will mobilize all the relevant resources, along with Rafal, the strong local partner, to have a good invest-build-operate service for the a/m complex with the latest technology and to complete the construction of the 20,000 homes at the earliest possible time, meeting the urgent demands of the local people."
He emphasized that the official visit of Chinese President Xi will surely further strengthen the political-diplomatic and economic relationship between China and Arabic nations.
Rafal CEO Elias Abou Samra said the joint venture is aimed at boosting production to serve the Saudi market with a fully integrated solution that would achieve higher scalability, environmental sustainability, and cost efficiency.
"The project shall create jobs, provide training and support the local ecosystem to achieve the local content objectives ultimately," he added.
Construction works is expected to begin in Q3 next year and the production and operations are targeted for January 2024.-TradeArabia News Service
RAFAL real estate development company, the premier residential community innovator in Saudi Arabia, launched RAFAL Residence, the luxurious residential vertical community serviced by ASCOTT, in addition to Ascott RAFAL Olaya Riyadh, on Wednesday 12th of April, 2017 at RAFAL Residence Community.
The inauguration ceremony was attended by RAFAL CEO, Mr. Abdul Rahman Bajunaid, and RAFAL Residence partners, Mr. Vincent Miccolis, the Country General Manager GCC & Turkey of The ASCOTT Limited; Mr. Faisal Yabroudi Regional Head, Dubai Contracting Company (DCC) and Mr. Mansour Al Saaghayer Corporate Banking Head, Saudi British Bank (SABB).
His Excellency Mr. Lawrence Anderson, ambassador of Singapore was also present at the event along with RAFAL Board members, amidst a crowd of businessmen and journalists.
On the sidelines of the ceremony, Mr. Abdulrahman Bajunaid, CEO RAFAL Real Estate Development Company, said: “RAFAL is witnessing today a new addition, RAFAL Residence, serviced by Ascott which is introducing a unique branded residential community for the first time in Riyadh.”
Mr. Abdulrahman Bajunaid added, “Despite the current challenges, we were able with support of our partners, to successfully launch this project within the specified timeframe.RAFAL will continue its real estate development journey in Saudi Arabia, by announcing new projects, that will further enhance its real estate mark in the Kingdom.”
“The Ascott Limited is honored to embark on this partnership with the esteemed RAFAL Real estate development company, we hope this to be our first of many fruitful projects together” Said Mr. Vincent Miccolis, the Country General Manager GCC & Turkey of the ASCOTT Limited.
“Our first Serviced Residence to open in the Kingdom of Saudi Arabia is a major milestone for Ascott, it gives me great pleasure to announce that Ascott Rafal Olaya Riyadh is now our flagship property in the Middle East”
RAFAL Residence is strategically located on King Fahd road, and is just 5-minute drive to the up-and-coming King Abdullah Financial District, and Riyadh’s main business centers.
RAFAL Residence consists of 27 high-end floors, featuring 172 elegant residential apartments fully serviced by Ascott. In addition to Ascott Rafal Olaya Riyadh encompassing234 5-stars hotel apartments located on the first ten floors.
The vertical luxurious residential tower in Riyadh offers prime branded residential serviced apartments offering full-fledged services integrated with the deluxe lifestyle. These facilities and services include gym, swimming pool and restaurants on the first floor featuring high- class hotel services, and an exclusive club, accessible only to residents on the top floor.
RAFALreal estate development Company, the premier residential community innovator in Saudi Arabia, has recently announced issuing title deeds for the1 hotel and 172 apartments ofthe “RAFAL Residence Community’’ in Riyadh.
This comes in continuation for RAFAL’scommitment towards its customers by granting owners the full legal rights towards their properties in line with the recent laws and regulations issued by the Saudi Ministry of Justice and the Saudi Ministry of Housing.
RAFAL Residence, the recent addition to RAFAL communities, is a 27 floorshigh-end vertical communityfeaturing 172 elegant apartments, in addition to 234 hotel apartments (5 stars)operated by ASCOTT Hotel.
RAFAL has announced that it has sold the majority of the units that are distinguished with their unique design offering full-fledged services and diversified facilities that enrich the lives of its residents and guests.
It is worth mentioning that RAFAL Real Estate Development Company, established at the end of 2007, is specialized in developing integrated high-end residential communities. The company’s mission revolves around developing various residential communities. RAFAL is committed to providing consistent value for its long-term partners in success.
Burj RAFAL, the iconic vertical residential community in Saudi Arabia, was awarded as the best residential hotel serviced complex in Saudi Arabia during the World Travel Awards ceremony that took place in Dubai, United Arab Emirates.
The prestigious ceremony, known as the Oscars of the Travel industry, gatheredleaders in the tourism, airline, hotel and hospitality sectors from the globe to acknowledge, reward and celebrate excellence,
Burj RAFAL which incorporatesBurj RAFAL Hotel Kempinski was granted 2 awards at the ceremony,“Saudi Arabia's Leading Hotel Residences” and “Saudi Arabia’s Leading Hotel”, as a recognition of the added value provided at this community that is enriching residents’ lives.
Mr. Abdulrahman Bajunaid, CEO of RAFAL Development Company said during this ceremony, “Burj RAFAL aimed to introduces a new residential concept to the Saudi Market, and we have succeeded in our mission as this Iconic community is being highly recognized locally and internationally.”
Mr. Abdulrahman Bajunaid added “We will continue our endeavor in developing unique residential communities and partnering with renowned hotel operators to take the real estate development industry in Saudi Arabia to a whole new level, where the resident is our main pillar.”
He concluded “We don’t develop projects, we introduce new life styles, new concepts of living that match the modern resident’s needs and requirements.”
It is worth mentioning that RAFAL Real Estate Development Company, established at the end of 2007, is specialized in developing integrated high-end residential communities. The company’s mission revolves around developing various residential communities. RAFAL is committed to providing consistent value for its long term partners in success.
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