Hammam: Negotiations with Roshen and National Housing Company to expand in northern Riyadh
Emirati Reportage Real Estate Company targets 1 billion Saudi riyals in real estate sales during the current year, from 4 residential projects it is implementing in the capital, Riyadh, according to Islam Hammam, the regional head of the commercial sector at the group.
Hammam said that the company opened a 4,800-square-meter headquarters in Riyadh during 2023, in addition to opening another branch in Jeddah during the current month.
The company is currently implementing four residential projects under the name "Najd", on an area of 15 thousand square meters, through which it offers "townhouse" units, according to Hammam, who added that "Najd 1" entered into force in September 2024, as the first floor was completed, in parallel with the start of construction in "Najd 2", and the two projects are targeted to be delivered in 2026, while "Najd 3" and "Najd 4" will be delivered in 2027.
He also revealed current negotiations with "Roshen Real Estate" and "National Housing" to explore expansion opportunities in northern Riyadh to enhance its presence in the Saudi market, through partnerships with major developers to support its expansion plans in the Kingdom.
Hammam indicated that "Reportage Real Estate" achieved sales of $1.5 billion during 2024, and aims to reach sales worth $2 billion this year, from its projects in 16 countries, led by the UAE, followed by Saudi Arabia, then Turkey and Egypt.
According to Hammam, Reportage Real Estate's assets amount to about 50 billion dirhams, while its investment portfolio includes 50 projects, of which only about 12 projects are in partnership with the Emirati Mubadala Company, and the rest of the projects are distributed in the UAE, Egypt, Turkey, Morocco and Saudi Arabia, in addition to its presence in African markets such as Rwanda, Uganda, Nigeria, Kenya and Azerbaijan in Asia.
He added that the company has delivered more than 10,000 residential and multi-use units, in addition to 25,000 units under construction in the countries in which the company operates.
In the Egyptian market, Hammam pointed out that the company is preparing to launch a new project in Ras Al-Hikma on an area of 100 acres, including 2,000 tourist and coastal units, as part of its expansion plan in the Egyptian real estate sector.
The company also recorded sales worth EGP 3 billion from its first project in Egypt, “Monte Napoleone” in East Cairo, in which it pumped investments worth about AED 500 million (EGP 6 billion). The first phase of the project is being delivered by the end of this year, according to Hammam.
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