Saudi Arabia’s Public Investment Fund (PIF) said it had set up a new real estate subsidiary, called “Roshn,” to help meet increasing local demand for housing, according to reports.
The company will specialize in developing integrated urban neighborhoods containing residential communities with modern standards across the kingdom.
According to Reuters, the PIF “gave no details on how much it envisaged spending on the new initiative or how many houses would be built. It said Roshn aimed to increase strategic partnerships with real estate investors and support the development of the contracting sector through the adoption of modern and innovative technologies.”
“We are proud to launch Roshn, a national company specialized in developing modern residential compounds, as part of PIF strategy to develop (Saudi’s) real estate market,” it said in a tweet.
Saudi Arabia’s PIF called Roshn “a national champion with a mandate to develop world-class urban communities.”
Increasing Saudi home ownership is one of the goals of Vision 2030. Saudi Arabia is seeking some investment from the private sector to achieve those goals.
Roshn will focus on nine cities in four main regions: Riyadh, Eastern Province, Mecca and Asir, according to Reuters.
