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Al Majdiah enlists Residence on Saudi market to deliver strategic goals, says CEO

Al Majdiah enlists Residence on Saudi market to deliver strategic goals, says CEO

RIYADH: Al Majdiah Residence is confident it will see solid growth rates from its public listing in the Saudi market thanks to rising demand for new homes across the Kingdom, according to CEO Abdulsalam Al-Majed.

Listing the company’s shares on Tadawul will increase its chances of obtaining credit and enhance its partnerships with investment funds, Al-Majed told Argaam.

Al Majdiah Residence aims to sell 3,000 residential units in 2022. It has developed more than 12,000 homes in 850 buildings over the past five years.

The Saudi-based Riyadh-based company has appointed Fransi Capital as its financial advisor for its initial public offering on the Saudi exchange, Tadawul.

The boom coming from Saudi real estate marketing and related regulatory measures has reshaped the real estate sector and improved the quality of projects, and reduced unplanned construction, Al-Majed said.

They helped the market reach maturity, he said.

All the signs indicate that the demand for residential units is increasing throughout the Kingdom, including Riyadh and Jeddah, Argaam reported.

Fluctuations in building material prices will affect the cost of residential units, Al-Majed said. The rise in building material prices is sometimes temporary, such as a disruption in the supply chain caused by the COVID-19 pandemic and associated green locks, he said.

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