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Saudi Diriyah Company Announces 'Zallal' in the Bujairi District

Upon completion, the project will feature two low-rise office buildings, offering a combined leasable area of approximately 6,000 square meters, alongside 12 mixed retail and F&B outlets spanning around 8,000 square meters. (SPA)
Upon completion, the project will feature two low-rise office buildings, offering a combined leasable area of approximately 6,000 square meters, alongside 12 mixed retail and F&B outlets spanning around 8,000 square meters. (SPA)
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Saudi Diriyah Company Announces 'Zallal' in the Bujairi District

Upon completion, the project will feature two low-rise office buildings, offering a combined leasable area of approximately 6,000 square meters, alongside 12 mixed retail and F&B outlets spanning around 8,000 square meters. (SPA)
Upon completion, the project will feature two low-rise office buildings, offering a combined leasable area of approximately 6,000 square meters, alongside 12 mixed retail and F&B outlets spanning around 8,000 square meters. (SPA)

Saudi Arabia’s Diriyah Company unveiled on Monday details of Zallal, its inaugural major versatile commercial office and retail project, slated to debut in the first half of 2025 in the Bujairi District.

Upon completion, the project will feature two low-rise office buildings, offering a combined leasable area of approximately 6,000 square meters, alongside 12 mixed retail and F&B outlets spanning around 8,000 square meters, said the company in a statement.

The project has garnered enthusiastic interest from potential tenants, with advanced leasing negotiations currently underway with numerous companies and organizations.

Zallal's strategic location adjacent to the popular Bujairi Terrace positions it to benefit from the proximity to a venue already drawing thousands of visitors daily. Situated near the recently concluded Diriyah Art Futures and the forthcoming Bab Samhan Hotel, the offering promises a dynamic environment for both visitors and tenants.

Diriyah Company's Group CEO Jerry Inzerillo said: “We have been thrilled by the overwhelmingly positive response to Zallal from the commercial sector, and we are currently in advanced negotiations with international and local companies eager to capitalize on the prime location in the heart of Diriyah and the diverse array of accessible retail, F&B, and office spaces available."

"With construction well underway, Zallal sustains the exhilarating momentum at Diriyah and, upon completion, will capitalize on the daily influx of visitors to Bujairi Terrace, emerging as the latest completed precinct in our rapidly evolving master plan,” he added.

Visitors and staff will enjoy the convenience of an easily accessible, 1,400-space basement car park beneath Zallal, featuring direct links to Wadi Hanifah, Al Imam Abdulaziz bin Muhammad ibn Saud Road, and public transportation. Coach drop-off points for tourists and visitors will ensure a seamless arrival experience in a pedestrian-friendly environment.

Among the companies currently engaged in leasing negotiations are esteemed international brands venturing into Saudi Arabia for the first time, locally grown enterprises, and innovative Saudi concepts.

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Saudi Transport, Logistics Sector Set for 10% Growth in Q2

An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
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Saudi Transport, Logistics Sector Set for 10% Growth in Q2

An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)

As Saudi companies start reporting their Q2 financial results, experts are optimistic about the transport and logistics sector. They expect a 10% annual growth, with total net profits reaching around SAR 900 million ($240 million), driven by tourism and an economic corridor project.

In Q1, the seven listed transport and logistics companies in Saudi Arabia showed positive results, with combined profits increasing by 5.8% to SAR 818.7 million ($218 million) compared to the previous year.

Four companies reported profit growth, while three saw declines, including two with losses, according to Arbah Capital.

Al Rajhi Capital projects significant gains for Q2 compared to last year: Lumi Rental’s profits are expected to rise by 31% to SAR 65 million, SAL’s by 76% to SAR 192 million, and Theeb’s by 23% to SAR 37 million.

On the other hand, Aljazira Capital predicts a 13% decrease in Lumi Rental’s net profit to SAR 43 million, despite a 44% rise in revenue. This is due to higher operational costs post-IPO.

SAL’s annual profit is expected to grow by 76% to SAR 191.6 million, driven by a 29% increase in revenue and higher profit margins.

Aljazira Capital also expects a 2.8% drop in the sector’s net profit from Q1 due to lower profits for SAL and Seera, caused by reduced revenue and profit margins.

Mohammad Al Farraj, Head of Asset Management at Arbah Capital, told Asharq Al-Awsat that the sector’s continued profit growth is supported by seasonal factors like summer travel and higher demand for transport services.

He predicts Q2 profits will reach around SAR 900 million ($240 million), up 10% from Q1.

Al Farraj highlighted that the India-Middle East-Europe Economic Corridor (IMEC), linking India with the GCC and Europe, is expected to boost sector growth by improving trade and transport connections.

However, he warned that companies may still face challenges, including rising costs and workforce shortages.