Knight Dragon Vice-President: Saudi Real Estate Market to Become Fastest Growing in the World

Photo of a recent real estate exhibition in Riyadh (Asharq Al-Awsat)
Photo of a recent real estate exhibition in Riyadh (Asharq Al-Awsat)
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Knight Dragon Vice-President: Saudi Real Estate Market to Become Fastest Growing in the World

Photo of a recent real estate exhibition in Riyadh (Asharq Al-Awsat)
Photo of a recent real estate exhibition in Riyadh (Asharq Al-Awsat)

Knight Dragon Real Estate Development Company has revealed plans to launch its business in Saudi Arabia by opening an office in Riyadh, during the last quarter of 2023.

Sammy Lee, founder and vice chairman of Knight Dragon, said that Saudi Arabia was a fast-growing country with ambitious plans to develop its infrastructure and real estate sector, which will create a huge demand for housing.

In an interview with Asharq Al-Awsat, he stressed that his company’s expertise could help meet this demand, given its proven record of developing successful real estate projects in other countries.

Asked about the added value that Knight Dragon will provide to the Saudi market and the region, he said that large-scale real estate development was complex and involved important factors that should be taken into consideration, such as the country’s young population and the government’s ambitious plans to develop its infrastructure based on the latest technological innovations.

Sammy Lee noted that the company used Blockchain technology to tokenize real estate assets, allowing small investors to participate in the real estate market. He explained that real estate tokenization involved converting the value of real estate into a token, based on Blockchain technology, allowing for digital ownership and transfer.

Moreover, Knight Dragon uses the technology of integrated modular construction, which saves time and money in construction.

The company’s vice-president noted that this technology allows projects to be completed in half the time or less, compared to traditional construction methods.

“Modular prefabricated building units... are shipped to the construction site for assembly. This process eliminates the need for on-site construction, which can save a significant amount of time,” he told Asharq Al-Awsat.

He continued: “In addition to saving time, the integrated modular building technology can also save money. This is because prefabricated units are often less expensive than materials that are purchased and transported to a construction site. In addition, the units can be built to exact specifications, which can reduce waste and improve efficiency.”

Sammy Lee stressed that the Middle East, especially Saudi Arabia, was the right place to expand the company’s business.

He pointed to the Kingdom’s rich potential, ambitious vision and major investments in infrastructure and development.

“Real estate constitutes a very important part of the Saudi economy, and reports indicate that the goal is to increase the sector’s contribution to the gross domestic product to 10 percent by 2030, as the Kingdom’s economy continues to diversify,” he remarked.

The vice-president of Knight Dragon said that youth in Saudi Arabia was a major driver of growth. With more than 30 million people under the age of 25, there is a huge demand for housing and other real estate, he emphasized.

He also noted that the Kingdom was the right place for real estate developers, thanks to the rapid growth of the real estate market, in addition to the availability of many investment opportunities.

Sammy Lee said that he was excited about the potential of new technologies, such as Blockchain and integrated modular construction, to revolutionize the real estate industry.

“I believe that these technologies can make the development and management of real estate assets easier and more efficient,” he underlined.

He added that estimates indicate that the population of Saudi Arabia was expected to grow from 6.8 million to 15-20 million by 2030, which would lead to an increase in demand for workplaces and housing units.

Thus, Sammy Lee expected the Saudi real estate market to be the fastest growing in the world in the next five to ten years, and said: “This is a wonderful opportunity for investors and developers, and I am excited to be a part of it.”



China Eyes Electric Vehicle Manufacturing Opportunities in Saudi Arabia

Chinese ambassador to Saudi Arabia (Asharq Al-Awsat)
Chinese ambassador to Saudi Arabia (Asharq Al-Awsat)
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China Eyes Electric Vehicle Manufacturing Opportunities in Saudi Arabia

Chinese ambassador to Saudi Arabia (Asharq Al-Awsat)
Chinese ambassador to Saudi Arabia (Asharq Al-Awsat)

China’s ambassador to Saudi Arabia, Chang Hua, expressed Beijing’s hopes to strengthen its partnership with the kingdom, especially in electric vehicle production and other industries.
Speaking to Asharq Al-Awsat, Hua condemned violations of Lebanon’s sovereignty and the targeting of civilians.
He called for immediate action to reduce tensions and prevent further escalation in the region.
“China is deeply shocked by the high civilian casualties from the conflict between Israel and Lebanon,” Hua said, urging the international community to work on calming the situation.
He emphasized that, no matter how things unfold, “China will always stand for justice and remain committed to peace and stability in the Middle East. We are ready to work with all parties to promote peace in the region.”
China’s Economic Growth
Hua highlighted China’s rise from a $30 billion economy to a $17.8 trillion one, making it the world’s second-largest economy and a leader in trade and industry.
He reiterated China’s goal to maintain high-level openness, push for high-quality economic development, and promote a multipolar world with fair global governance and inclusive economic globalization.
Saudi-China Relations
Hua described the partnership between Saudi Arabia and China as entering a new phase of deep development, congratulating Saudi Arabia on its 94th National Day.
He noted that Chinese Premier Li Qiang’s recent visit to Saudi Arabia has boosted bilateral relations and strengthened the comprehensive strategic partnership, driving it towards a more stable and prosperous future.
The ambassador stressed the need to expand trade and investment between the two countries and highlighted the upcoming “Saudi-Chinese Cultural Year 2025” as a key event.
Hua also pointed out that Saudi Crown Prince Mohammed bin Salman values the strong and historic relationship between the two nations.
The Crown Prince looks forward to further aligning Saudi Vision 2030 with China’s Belt and Road Initiative, expanding cooperation in energy, investment, and culture.
Hua noted that China is Saudi Arabia’s largest trading partner, with bilateral trade exceeding $100 billion in the past two years. He also mentioned the recent currency swap agreement between the two countries, which has helped boost trade and investment.
New Developments in Saudi-China Relations
According to Hua, the cooperation between the two nations has grown significantly, particularly in the automotive, renewable energy, and tourism sectors.
In 2023, Saudi imports of Chinese cars reached $4.12 billion, driven by companies like Changan, Geely, MG, Chery, Great Wall, Hongqi, GAC, and BYD, which have opened branches in the kingdom.
Discussions are ongoing about building local manufacturing plants. China exported 4.91 million vehicles in 2023, making it the largest car exporter globally for the first time, including 1.203 million electric vehicles, a 77.6% increase from the previous year.
Hua noted that Saudi Vision 2030 aims for electric vehicles to account for at least 30% of all cars in Riyadh by 2030, and he expressed optimism about enhancing collaboration in automotive manufacturing.
Chinese companies are also increasingly involved in Saudi Arabia’s renewable energy sector. They are working on multiple solar projects, including the Al Shuaibah photovoltaic plant, the largest of its kind in the world, with a capacity of 2.6 gigawatts.
In July 2023, the Renewable Energy Localization Company (RELC), backed by the Saudi Public Investment Fund, signed agreements with three Chinese firms—Envision Technology Group, Jinko Solar, and TCL Zhonghuan—to establish joint ventures for high-efficiency solar cell production in Saudi Arabia.
These projects will focus on producing solar components, helping Saudi Arabia achieve its goal of sourcing 75% of renewable energy project components locally by 2030.
Hua also highlighted the increasing exchange of visits between citizens of both countries. In September 2023, China and Saudi Arabia signed a memorandum of understanding to facilitate group tourism, making the kingdom an official destination for Chinese tour groups.
Several Chinese travel agencies have begun offering packages to Saudi Arabia, and direct flights between the two countries are increasing. Saudi Airlines has expanded its routes, operating numerous weekly flights between Beijing, Shanghai, Shenzhen, Riyadh, and Jeddah.