Strong Demand for Saudi ‘ROSHN’ Residential Projects, SAR 37.5 Bln Contracts in New Sectors

 ALFULWA project in Al-Ahsa, Saudi Arabia (ROSHN)
ALFULWA project in Al-Ahsa, Saudi Arabia (ROSHN)
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Strong Demand for Saudi ‘ROSHN’ Residential Projects, SAR 37.5 Bln Contracts in New Sectors

 ALFULWA project in Al-Ahsa, Saudi Arabia (ROSHN)
ALFULWA project in Al-Ahsa, Saudi Arabia (ROSHN)

Sources within Saudi Arabia’s Public Investment Fund-owned real estate company, “ROSHN,” have revealed that its projects are experiencing substantial demand, surpassing its residential offerings.

ROSHN has awarded commercial contracts worth SAR 37.5 billion (approximately $10 billion) to develop projects in various sectors, including retail, hospitality, education, healthcare, logistics services, and mosque construction.

Additionally, it was disclosed that 100% of the units in the first phase of the “SEDRA” project, located north of Riyadh, have been sold.

Furthermore, sales of the second phases of both the “SEDRA” project in Riyadh and the “ALAROUS” project in Jeddah have approached the 7,000-unit mark.

Established in 2020, ROSHN is a national real estate development company and one of the major projects under the Saudi Public Investment Fund (PIF).

Its chairman is Saudi Crown Prince Mohammed bin Salman bin Abdulaziz, who also serves as the head of the Council of Ministers and the Council of Economic and Development Affairs.

Committed to enhancing the quality of life across the kingdom, ROSHN operates in four main regions: Riyadh, Makkah, the Eastern Province, and Asir.

Sources, in exclusive statements to Asharq Al-Awsat, revealed that the total land area where ROSHN operates currently exceeds 200 million square meters.

This includes 20 million square meters for the SEDRA project in Riyadh, 1.4 million square meters for the WAREFA project in Riyadh, 4 million square meters for the ALAROUS project in Jeddah, and 10.8 million square meters for the ALFULWA project in Al-Ahsa.

Sources emphasized the company’s commitment to providing homes for more than 2.2 million Saudi citizens by 2030, through the delivery of over 400,000 high-quality residential units within the ROSHN communities across different regions of the kingdom.

“We took the initial steps towards achieving this goal in 2021 when we launched the first phase of the SEDRA project in Riyadh, which was completely sold out,” ROSHN sources, who requested anonymity, told Asharq Al-Awsat.

“Since then, unit sales have commenced in the second phase of both the SEDRA project and the ALAROUS project in Jeddah, both of which have witnessed remarkable interest from buyers, resulting in the sale of more than 6,859 residential units,” they added.

“Over 700 of these units have already been handed over in the SEDRA community, marking the first large-scale projects to be delivered to customers,” sources explained.

“Our projects extend beyond residential offerings to encompass various other vital sectors, including retail, healthcare, education, mosques, entertainment, and logistics services.”

“For instance, we recently acquired two million square meters of commercial space on Riyadh’s forefront, representing a promising opportunity for ROSHN and investors, and more importantly, for Saudi citizens,” sources clarified.

ROSHN intends to build upon its successes in 2022 and achieve even greater accomplishments in both 2023 and 2024.

The company aims to continue surpassing its development and sales targets, based on information from sources who indicated that construction activities are progressing rapidly across various projects. These efforts align with our goals that are in line with Saudi Arabia’s Vision 2030.

Regarding the assessment and pricing of the company’s products, sources clarified that the real estate unit prices are aimed at enhancing ROSHN’s competitive edge.

These prices are based on comprehensive market research to ensure the company’s ability to offer products that align with the needs, expectations, and aspirations of Saudi citizens.

ROSHN’s residential offerings cater to the housing needs of all Saudi citizens, whether they are single individuals or multi-family households, with various sizes and designs.

Furthermore, it was noted that all of the company’s projects have garnered significant interest in the market.

For instance, 100% of the units in the first phase of the SEDRA project, located north of Riyadh, have been successfully sold.

The company has witnessed strong interest from customers and investors across different market segments, resulting in a substantial increase in sales and expansion into new market sectors driven by high and growing demand.

In line with this, ROSHN is planning to soon launch a diverse range of products characterized by spacious layouts and new features.

This move reflects the company’s commitment to adapting to the evolving market dynamics and meeting the evolving preferences of its clientele.



Iraq Raises Oil Export Capacity to More Than 3 Million Barrels Per Day

FILE PHOTO: The Zubair Oil Field in Basra, Iraq, April 6, 2026. REUTERS/Mohammed Aty/File Photo
FILE PHOTO: The Zubair Oil Field in Basra, Iraq, April 6, 2026. REUTERS/Mohammed Aty/File Photo
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Iraq Raises Oil Export Capacity to More Than 3 Million Barrels Per Day

FILE PHOTO: The Zubair Oil Field in Basra, Iraq, April 6, 2026. REUTERS/Mohammed Aty/File Photo
FILE PHOTO: The Zubair Oil Field in Basra, Iraq, April 6, 2026. REUTERS/Mohammed Aty/File Photo

Iraq has raised its oil export capacity to more than 3 million barrels per day, Iraq's oil minister said, according to state media on Saturday.

Iraq has been able to export 3 ⁠million bpd since ⁠the beginning of September, state media said.

Oil Minister Basim Mohammed said the government plans to increase capacity ⁠to 5 million bpd after the completion of strategic pipelines and export outlets through the Strait of Hormuz, according to state media.

Iraq's oil exports rose to around 2.34 million bpd in August, according ⁠to ⁠officials.

Industry sources and shipping data had indicated that September shipments were set to climb, as big profits and Iranian approval for its tankers to pass through the Strait of Hormuz have encouraged buyers.


China to Pump $47 Bln Into State Banks, Insurers in Capital-boosting Push

Construction cranes rise above a newly built residential district before sunrise, in Beijing, China, September 3, 2026. REUTERS/Maxim Shemetov
Construction cranes rise above a newly built residential district before sunrise, in Beijing, China, September 3, 2026. REUTERS/Maxim Shemetov
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China to Pump $47 Bln Into State Banks, Insurers in Capital-boosting Push

Construction cranes rise above a newly built residential district before sunrise, in Beijing, China, September 3, 2026. REUTERS/Maxim Shemetov
Construction cranes rise above a newly built residential district before sunrise, in Beijing, China, September 3, 2026. REUTERS/Maxim Shemetov

China's finance ministry will inject 57 billion yuan ($8 billion) into three state-owned insurers, the companies said on Sunday, in a coordinated push by Beijing to shore up capital across its financial system.

China Life Insurance (Group) Co, the country's largest life insurer, will receive 35 billion yuan, while China Taiping Insurance Group will get 7 billion yuan, the two groups said in statements, according to Reuters.

People's ⁠Insurance Company (Group) of China ⁠said it planned to raise up to 15 billion yuan through a private placement of A-shares to the Ministry of Finance, with the proceeds to be used to replenish its capital.

"The injection is an important ⁠step by the country to enhance the financial sector's ability to serve the real economy and promote the high-quality development of the financial and insurance industries," China Life said in its statement, adding that it would strengthen the group's ability to withstand risks.

Taiping said the funds would bolster its solvency and other key indicators.

Separately, Agricultural Bank of China and Industrial and ⁠Commercial ⁠Bank of China said they planned to raise up to 160 billion yuan and 100 billion yuan respectively through private A-share placements to the finance ministry, China National Tobacco Corp and its subsidiaries.

Both lenders said the proceeds would be used entirely to replenish core tier 1 capital, in a move to help sustain credit expansion as Beijing leans on state banks to support growth.


Türkiye Sees GDP Growth at 5% in 2029 in Medium-term Program

People shop at an open market in Istanbul, Türkiye, December 5, 2022. REUTERS/Dilara Senkaya/File Photo
People shop at an open market in Istanbul, Türkiye, December 5, 2022. REUTERS/Dilara Senkaya/File Photo
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Türkiye Sees GDP Growth at 5% in 2029 in Medium-term Program

People shop at an open market in Istanbul, Türkiye, December 5, 2022. REUTERS/Dilara Senkaya/File Photo
People shop at an open market in Istanbul, Türkiye, December 5, 2022. REUTERS/Dilara Senkaya/File Photo

Türkiye's government projects gross domestic product growth accelerating to 5% by 2029, up from 3.3% forecast for this year, Vice President Cevdet Yilmaz said on Sunday while presenting ⁠the country's medium-term economic ⁠program.

Here are some details:

Inflation is forecast at 21% in 2027 and 13.5% in ⁠2028 before reaching 9% in 2029.

GDP growth seen at 4.2% in 2027, 4.6% in 2028 and 5% in 2029.

Budget deficit-to-GDP ratio projected at 3.5% in ⁠2027, falling ⁠to 3.1% in 2028, and 2.8% in 2029.

Unemployment seen at 8.1% in 2026, easing gradually to 7.6% by 2029.