PIF-backed Roshn launches new residential project in Riyadh

SPA

Saudi property developer Roshn has launched its second residential community – Warefa – in Riyadh’s Al Janadriyyah district, which will be home to 13,000 residents.

The residential community will include a district mall, primary healthcare facility, public and private schools, and multiple mosques, state-run SPA news agency reported.

The development will cover 1.4 million sq m of land, comprising 2,000 residential units. It will have 160,000 sq m of public parks and open spaces.

“Al Janadriyyah is an area that has undergone rapid evolution in recent years, and Warefa will provide an integrated, sustainable community with services and amenities to support the district’s growth,” said group CEO David Grover.

Roshn is backed by Saudi Arabia’s sovereign wealth fund, Public Investment Fund.

The project will use solar water heaters, efficient air conditioning devices, advanced plumbing fittings and advanced irrigation technology to save on water usage.   

Last month Meed Projects’ Saudi Arabia 2023 Outlook and 2022 Review said that the value of giga-project-related contracts awarded in Saudi Arabia in 2022 grew by 103 percent to $24.6 billion from $12 billion the previous year.

As the kingdom accelerates activity towards achieving its Vision 2030 economic diversification goals, Neom saw the highest number and value of awarded contracts, especially on infrastructure works on The Line.

Of the top 25 Saudi contracts, Neom accounted for five, with their total value standing at $10.6 billion.