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Azad Properties and NHC Collaborate on Souq7 Riyadh Development
Public-private partnership aims to establish a significant commercial hub in Riyadh's Al-Khuzam suburb, aligning with Saudi Arabia's Vision 2030 objectives.
Azad Properties and the National Housing Company (NHC) have signed a memorandum of understanding to develop the Souq7 Riyadh project.
The initiative is designed to create a dynamic commercial center spanning 700,000 square meters in Riyadh's Al-Khuzam suburb.
This collaboration reflects Saudi Arabia's Vision 2030 goals, emphasizing public-private partnerships to stimulate economic growth and urban development.
The Souq7 Riyadh project builds upon the model of Souq7 Jeddah, a development by Azad Properties that integrates modern retail experiences with traditional design elements.
The Jeddah project covers approximately 728,000 square meters and features over 4,000 stores across 114 buildings.
The Riyadh development aims to replicate this success, offering opportunities for local businesses and international brands.
Azad Properties, established in 2017 and operating under AWJ Holding, manages a diverse portfolio of 12 properties across retail, logistics, and commercial sectors.
The company focuses on creating spaces that reflect the history and evolving needs of their communities.
In line with their expansion strategy, Azad Properties has announced plans to list on the Saudi market.
They have appointed PwC to support their initial public offering (IPO) preparations, aiming to optimize their portfolio and enhance corporate governance.
The timeline for the public listing will be announced at a later stage.
Sustainability is a key consideration in Azad Properties' developments.
The company emphasizes solutions that preserve resources, enhance energy efficiency, and reduce waste, aligning with Saudi Arabia's Vision 2030 objectives.
The Souq7 Riyadh project represents a significant step in the Kingdom's real estate sector transformation, contributing to the diversification and growth of the economy.
The initiative is designed to create a dynamic commercial center spanning 700,000 square meters in Riyadh's Al-Khuzam suburb.
This collaboration reflects Saudi Arabia's Vision 2030 goals, emphasizing public-private partnerships to stimulate economic growth and urban development.
The Souq7 Riyadh project builds upon the model of Souq7 Jeddah, a development by Azad Properties that integrates modern retail experiences with traditional design elements.
The Jeddah project covers approximately 728,000 square meters and features over 4,000 stores across 114 buildings.
The Riyadh development aims to replicate this success, offering opportunities for local businesses and international brands.
Azad Properties, established in 2017 and operating under AWJ Holding, manages a diverse portfolio of 12 properties across retail, logistics, and commercial sectors.
The company focuses on creating spaces that reflect the history and evolving needs of their communities.
In line with their expansion strategy, Azad Properties has announced plans to list on the Saudi market.
They have appointed PwC to support their initial public offering (IPO) preparations, aiming to optimize their portfolio and enhance corporate governance.
The timeline for the public listing will be announced at a later stage.
Sustainability is a key consideration in Azad Properties' developments.
The company emphasizes solutions that preserve resources, enhance energy efficiency, and reduce waste, aligning with Saudi Arabia's Vision 2030 objectives.
The Souq7 Riyadh project represents a significant step in the Kingdom's real estate sector transformation, contributing to the diversification and growth of the economy.
