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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)
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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.

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Business

Saudi Arabia Allows Contracting Exceptions for Firms without Regional HQ

The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
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Saudi Arabia Allows Contracting Exceptions for Firms without Regional HQ

The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)

Saudi Arabia has introduced greater flexibility into its investment environment, allowing government entities, under strict controls to safeguard spending efficiency and ensure the delivery of critical projects, to seek exceptions to contract with international companies that do not have regional headquarters in the kingdom.

The Local Content and Government Procurement Authority notified all government bodies of the mechanism to apply for exemptions through the Etimad digital platform.

The step is designed to balance enforcement of the “regional headquarters relocation” decision, in force since early 2024, with the needs of technically specialized projects or those driven by intense price competition.

Under a government decision that took effect at the start of 2024, state entities, including authorities, institutions and government-affiliated funds, are barred from contracting with any foreign commercial company whose regional headquarters in the region is located outside Saudi Arabia.

According to the information, the Local Content and Government Procurement Authority informed all entities of the rules governing contracts with companies that lack a regional headquarters in the kingdom and related parties.

Government entities may request an exemption from the committee for specific projects, multiple projects or a defined time period, provided the application is submitted before launching a tender or initiating direct contracting procedures.

Submission mechanism

In two circulars, the authority detailed how to submit exemption requests and clarified the cases in which contracting is permitted under the controls. It said the exemption service was launched on the Etimad platform in November 2025.

The service is available to entities that float tenders through Etimad. Requests for tenders launched before the service went live, as well as those issued outside the platform, will continue to follow the previously adopted process.

Etimad is the kingdom’s official financial services portal run by the Ministry of Finance, aimed at driving digital transformation of government procedures and boosting transparency and efficiency in managing budgets, contracts, payments, tenders and procurement. The platform streamlines transactions between state entities and the private sector.

Technical criteria

When issuing the contracting controls, the government made clear that companies without a regional headquarters in Saudi Arabia, or related parties, are not barred from bidding for public tenders.

However, their offers can only be accepted in two cases: if there is no more than one technically compliant bid, or if the offer ranks among the best technically and is at least 25% lower in price than the second-best bid after overall evaluation.

Contracts with an estimated value of no more than 1 million riyals ($266,000) are also exempt. The minister may, in the public interest, amend the threshold, cancel the exemption or suspend it temporarily.

More than 700 headquarters

More than 700 multinational companies had relocated their regional headquarters to Riyadh by early 2026, exceeding the initial target of attracting 500 companies by 2030. The program seeks to cement the kingdom’s position as a regional business hub and to localize global expertise.

When announcing the contracting ban, Saudi Arabia said the move was intended to incentivize foreign firms dealing with the government and its affiliated entities to adjust their operations.

It aims to create jobs, curb economic leakage, raise spending efficiency and ensure that key goods and services procured by government entities are delivered inside the kingdom with appropriate local content.

The government said the policy aligns with the objectives of the Riyadh 2030 strategy unveiled during the recent Future Investment Initiative forum, where 24 multinational companies announced plans to move their regional headquarters to the Saudi capital.

It stressed that the decision does not affect any investor’s ability to enter the Saudi economy or continue working with the private sector.

 

Business

IMF Board to Review Staff-level $8.1 Bln Agreement for Ukraine

The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko
The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko
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IMF Board to Review Staff-level $8.1 Bln Agreement for Ukraine

The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko
The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko

The International Monetary Fund on Thursday said its board ​would review a staff-level agreement for a new $8.1 billion lending program for Ukraine in coming days.

IMF spokeswoman Jule Kozack told reporters that Ukrainian authorities had completed the prior actions needed to move forward with the request ⁠of a new ⁠IMF program, including submission of a draft law on the labor code and adoption of a budget.

She said Ukraine's economic growth in 2025 ⁠was likely under 2%. After four years of war, the country's economy had settled into a slower growth path with larger fiscal and current account balances, she said, noting that the IMF continues to monitor the situation closely.

"Russia's invasion continues to take a ⁠heavy ⁠toll on Ukraine's people and its economy," Kozack said. Intensified aerial attacks by Russia had damaged critical energy and logistics infrastructure, causing disruptions to economic activity, Reuters quoted her as saying.

As of January, she said, 5 million Ukrainian refugees remained in Europe and 3.7 million Ukrainians were displaced inside the country.

Business

US Stocks Fall as Iran Angst Lifts Oil Prices

A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
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US Stocks Fall as Iran Angst Lifts Oil Prices

A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid

Wall Street stocks retreated early Thursday as worries over US-Iran tensions lifted oil prices while markets digested mixed results from Walmart.

US oil futures rose to a six-month high as Iran's atomic energy chief Mohammad Eslami said no country can deprive the Islamic republic of its right to nuclear enrichment, after US President Donald Trump again hinted at military action following talks in Geneva.

"We'd call this an undercurrent of concern that is bubbling up in oil prices," Briefing.com analyst Patrick O'Hare said of the "geopolitical angst."

About 10 minutes into trading, the Dow Jones Industrial Average was down 0.6 percent at 49,379.46, AFP reported.

The broad-based S&P 500 fell 0.5 percent to 6,849.35, while the tech-rich Nasdaq Composite Index declined 0.6 percent to 22,621.38.

Among individual companies, Walmart rose 1.7 percent after reporting solid results but offering forecasts that missed analyst expectations.

Shares of the retail giant initially fell, but pushed higher after Walmart executives talked up artificial intelligence investments on a conference call with analysts.

The US trade deficit in goods expanded to a new record in 2025, government data showed, despite sweeping tariffs that Trump imposed during his first year back in the White House.