Saudi Press

Saudi Arabia and the world
Sunday, Aug 10, 2025

Rafal records solid operating and financial performance in H1 2022, confirms resilience of the business model

Rafal records solid operating and financial performance in H1 2022, confirms resilience of the business model

As it prepares to launch new residential communities and mixed-use developments in Riyadh, RAFAL Real Estate Development Company, a renowned high-end private real estate developer in Saudi Arabia, has reported strong financial performance in the first half of 2022.
RAFAL Real Estate Development Company recorded high EBITDA, net income, and ROCE performances, underpinned by strong momentum and Rafal’s transformation plan. During the first half (H1) of 2022, the overall debt declined by 35%, with a 1% D/E debt-to-equity ratio that is projected to fall below 0.5 % by the end of 2022.

“Given the outstanding success in the first half of 2022, together with a more resilient operating model, a progressive strategic plan, and a dedicated team with commendable skills, we are set for a an exceptional turnaround year”. Elias Abousamra the CEO of Rafal added that Rafal has land bank of around 1.1 million square meters and high liquidity levels to fuel a promising pipeline of residential communities and mixed-use developments in Riyadh, in addition to partnerships with a number of mega projects under Vision 2030.

The statement clarified that one of the most prominent current projects is Al-Nayfa, which is in the north-east of Riyadh, where the company is currently preparing to deliver the ready units from phase one, which has been fully sold; on the other hand, the units of the second phase of Al-Nayfah project will be made available for sale in the coming weeks. Al-Nayfah is a fully gated community consisting of 204 residential units of four types of duplexes, which offers modernity, comfort, and excellence.

Rafal is also launching a unique retail project adjacent to Al-Nayfah community with a different character and modern designs, under the name " The Last Exit," a complex with unique and distinct restaurants, cafes, shops, libraries, and other entertainment venues, designed with the latest international and local specifications in mind.

The residential project "Alegria" within the Al Narjes neighbourhood, which will be unveiled in the last quarter of this year, plans to build 114 villas and 126 apartments. "Rafal" mentioned numerous other projects that are in the pipeline as well. It is noteworthy that the company has completed the development and execution of the project's infrastructure and has taken into account neighbourhood humanization in line with the objectives of Kingdom's Vision 2030.

Elias Abousamra added that he strives to support Vision 2030’s goal of increasing Saudi home ownership by 70% through its current and future landmark projects and is committed to developing young Saudi talents by establishing "RAFAL Academy," which strives to build and hone the talents and skills of the local youth.

It is noteworthy that "Rafal Real Estate Development Co" is one of the leading companies providing integrated and cutting-edge solutions to the real estate sector in the Kingdom of Saudi Arabia. The company works in residential, hospitality, and commercial real estate development, providing primary support services, including selling, leasing, investment, and project management.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Nine people have been hospitalized and dozens of salmonella cases have been reported after an outbreak of infections linked to certain brands of pistachios and pistachio-containing products, according to the Public Health Agency of Canada
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
Tariffs, AI, and the Shifting U.S. Macro Landscape: Navigating a New Economic Regime
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Russia Formally Recognizes Taliban Government in Afghanistan
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Emirates Airline Expands Market Share with New $20 Million Campaign
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
×