Riyadh the economically and socially vibrant core of the Kingdom of Saudi Arabia gathers the largest, most important and most affluent shopping destinations. However, when the people seek luxurious entertainment mixed with the world's most prestigious brands, shopping centers are the primary destination for Riyadh’s residents and a delightful escape for its visitors.
Shopping malls are segmented according to the international brands presence and the brands positioning is highly dependent on its presence in luxurious shopping centers and the social class of people wearing it.
Industry report revealed that the retail market in Saudi Arabia is the largest in the Middle East, with 267 billion riyals annually, which represents 18% of the GDP in Saudi Arabia, and makes it one a key player in the local economy, and the estimated expenditure per capita, includes more than 15,000 Saudi riyals.
Shopping centers are now distinguished for their luxurious environment, entertainment and prestigious services that’s why Burj Rafal Boulevard is considered the finest destination offering an elegant lifestyle.
Burj Rafal Boulevard,the most desirable address in Riyadh, gathers selected boutiques, stylish coffees and fine dining experience within an inspired modern Najdi style with a brilliant design, which makes it a distinct place for fashion lovers.
Al Hogail: ‘RAFAL residence project offers a unique and creative combination of beauty and luxury in residential real estate sector’
February 2015
RAFAL Real Estate Development Company has completed the concrete work in the upper edge of the swimming pool on the top floor of the luxurious RAFAL Residence project in Riyadh, thus setting the completion of the whole project by the end of 2015.
The residence was built with the highest quality standards and innovative techniques to achieve the desired stability and durability using 50,000 cubic meters of concrete and 7,200 tons of iron. The entire process took more than three million working hours.
Mr. Abdulelah A. Abunayyan, board member at RAFAL Real Estate Development Company, said: “We are glad to continuously offer unique projects for both citizens and residents, which will enrich the residential sector and yet can compete with global cities.”
On this occasion, Mr. Majed Al Hogail, Managing Director, RAFAL Real Estate Development Company, commented: “Today we celebrate the completion of this important stage of RAFAL residence project, our second vertical project, which offers a unique and creative combination of beauty and luxury in residential real estate sector.”
RAFAL Residence consists of 28 high-end floors, featuring 172 elegant apartments, in addition to 234 5-stars hotel apartments located in the first ten floors under ASCOTT’s management — regarded as the most important high-class hotel apartments managing company in the world.
Moreover, he said “RAFAL Residence, more than ten thousand cubic meters of luxury and harmony, comes in line with our vision of creating innovative and unique projects in the capital Riyadh.”
In addition, the residents will have access to a variety of facilities, integrated with the deluxe lifestyle of the residential apartments, offering full-fledged services. These facilities and services include a swimming pool, gym and restaurants on the first floor featuring high- class hotel services, exclusive club accessible only to the top floor residents, parking lots for both residents and guests, and drivers’ rooms as well.
RAFAL Residence, the vertical luxurious residential tower in Riyadh, which encompasses 11,000 m2 area, is located at Olaya Street in AlSahafa neighborhood north of Riyadh, within a walking distance from Burj RAFAL residence and King Abdullah Financial District. RAFAL Residence is an elegant building featuring distinct and integrated services and facilities that enrich the lives of residents and visitors alike.
Majed Al Hogail (*) “The 2015 Budget reflects the strength and stability of the Saudi economy, and confirms that the kingdom will proceed with its comprehensive and sustainable development plans;it also promotes the importance of the contribution of the private sector in the development process.”, Said Majed Al Hogail, theManaging Director of RAFAL Real Estate Development Company.
The strength of the kingdom’s economy isn’t its great oil reserves, neither itsSR 3 trillion cash reserve, but rather the diverse strong Local financial and economic factors, among which the human capital who is starting to realize a lot of the nation’s aspirations as well as their own personal ambitions.
Many analysts link between the Kingdom’s budget and the plunge in oil prices, and some expected it to have a negative effect on the exchange rate on development projects, but the Kingdom faced this challenge - as usual –by adopting many the innovative solutions that ensured its safety.
Investment in the various sectors is the key partner in the nation-building and capacity reinforcement process, and hence a number of strong investment sectors are considered as the key contributor to the prosperity of the local economy.However,the real estate sector is by far the most influential investment, since it participates in many public development projects.
The real estate sector is not restricted to housing, as some people believe, it rather includes schools, mosques, shopping malls, hospitals and parks, all of which have an active and influential role in the real estate sector, and therefore, there should be an integrated system that helps maximizing their role in increasing the total national income.
The real estate sector is considered a safe haven for Saudi investors, and investing in it serves many other public and commercial sectors and projects, moreover many housing rules and legislation have contributed in the development of this vital sector.
The government of the Kingdom of Saudi Arabia was keen to support integrated and sustainable economic growth by developing and enhancing the private sector contribution to the economy, thus providing housing for citizens through huge subsidized projects.
Hopefully the budget will achieve the aspirations of the Custodian of the Two Holy Mosques by utilizing this budget in the most efficient way, and proceed with the implementation of previously initiated projects, particularly those related to the citizens’ welfare, and so, this budget has proved that the Kingdom's economy is strong and able to withstand the temporary fluctuations in the oil market, and to achieve the best results.
(*) Managing Director of RAFAL Real Estate Development Company
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