We uphold excellence in our approach to real estate development and investment
We are moving confidently towards globalization
Our strategy is clear to reach a distinguished and more credible position
in the real estate market
Our way is to implement giant real estate projects with high designs, high quality and luxurious features that elevate the architectural taste
”Riyadh Commercial Tower” project wins the best commercial real estate project award
Avenue Villas. It embodies luxury and architectural splendor and meets the requirements of
Saudi families
We look forward to the issuance of the mortgage system and complementary systems to stimulate
The real estate sector in the Kingdom
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Introduction:
Mr. Fahd bin Abdullah Al-Ajlan, Chairman of the Board of Directors of ”Raik Real Estate” confirmed that the company is continuing on the path of excellence in the field of real estate development and investment and the launch of confident steps towards the world, and its adherence to the approach it follows in adopting the standards of quality, excellence and real estate luxury, saying that the company's keenness on these architectural and urban values was behind its winning the best commercial project award for its project “Riyadh Commercial Tower” which it will develop in the city of Riyadh, indicating that the victory came in the competition of the awards of the Cityscape Saudi Arabia exhibition for real estate development and investment held in 2009 in Jeddah.

On the latest projects that the company has completed and is making the final and final touches for its opening, Ajlan said in a lengthy interview with “Riyadh” that it is the “Palm Tower commercial project, which is the latest giant real estate projects implemented by the company and is located on the eastern side of King Fahd Road north (opposite Hyper Azizia Mall), and explained that the project that reaches a height of 26 floors will open God willing next June, and will reveal the list of projects completed by the company and those that are being planned for construction.


On real estate issues, Al Ajlan expressed his belief that the speedy issuance of the mortgage system and complementary real estate systems will stimulate the real estate sector in the Kingdom, and then all other sectors and activities will move, and said that it will make a great positive development in the field of real estate financing in the Kingdom, and will solve the issue of housing for citizens, and create a kind of balance in the market, and facilitate the ownership of real estate by the middle classes and low-income people than before.

... What did he say? To find out the answer, here are the details:

“The Palm Tower”... An architectural landmark
* Let's start our conversation by talking about your latest major project that has been completed and is being finalized for its opening, which is the Palm Tower project. What does it represent to you and when exactly will it open? ** The “Nakheel Tower” commercial-administrative project, is the latest giant real estate project implemented by “Raik Properties” and is located on the eastern side of King Fahd Road in the north (opposite Hyper Azizia Mall), and as is known that King Fahd Road is the main strategic artery that bisects the heart of the capital Riyadh from south to north and attracts on its banks the center of economic, commercial and urban movement in Riyadh, and the final touches and final finishes are currently being put in place for the opening of the project, which is implemented by “Raik Properties” with “Tarouk” company, the main contractor of the project.

The project, which reaches a height of 26 floors, will open in June next year, God willing, and will be handed over to Rayek Real Estate Company - the investor company - with the latest international architectural specifications, engineering designs and very impressive architectural features, using new and modern architectural techniques in construction for the first time in the Kingdom such as POST TENSION, and we have taken into account providing the tower with the highest levels of luxury, comfort and safety for the beneficiaries from the elite businessmen and major investors looking for major investments.

* Your company won the Best Commercial Project Award for its project “Riyadh Commercial Tower” in Riyadh, as part of the Cityscape Saudi Arabia Real Estate Development and Investment Awards, which was held in the city of Jeddah. What is the story and what does this award mean to you? ** Our company “Raik Real Estate” won the best commercial project award for its project Riyadh Commercial Tower, which it is developing in the city of Riyadh, and the victory came within the competitions of the Cityscape Saudi Real Estate Development and Investment Awards, which was held during the period from 14 to 16/6/2009 in Jeddah, and a large crowd of international investors, real estate developers, Arab and international government investment bodies, engineers and decision makers in the real estate investment and development sector, and the fact that the Cityscape Saudi awards are recognizable awards aimed at highlighting the outstanding and remarkable achievements of architectural designs for various projects The award was awarded by a jury that included a group of regional and international experts specialized in the real estate sector, according to general criteria governing the work of the committee, including taking into account that the projects nominated for the awards must adopt an innovative approach, and the projects must comply with the international standards followed in design, safety, insurance, energy efficiency and innovation, while adopting innovative design, architectural excellence in exterior and interior design in addition to functional efficiency, and the projects must embody quality design and construction, and compatibility with neighboring land uses.

In my estimation, this award carries more than one meaning and significance. On the one hand, it confirms the company's continued progress on the path of excellence in the field of real estate development and investment and the launch of confident steps towards globalization, and on the other hand it confirms the soundness of its approach in adopting the standards of quality, excellence and real estate luxury, which is embodied in the Riyadh Commercial Project and many of the company's projects that have already been completed and stand as a living witness to the development and advancement of the real estate and urban industry in Riyadh and the Kingdom in general.

It was not surprising that the Riyadh Commercial Tower project won the Cityscape Saudi Arabia award, while the same project, among three projects of the company, which also includes Sky Towers and Al Nakheel Tower in Riyadh, received an international award, the Excellence Award for the best commercial real estate developer in the Kingdom for the year 2008, awarded by the International Real Estate Finance Summit (IREF). The Riyadh Commercial Tower is characterized by architectural and engineering designs of great splendor and luxury, rising to more than 50 floors, at an estimated investment cost of more than 400 million riyals, and we entrusted the international company “Atkins” to design the tower, where it has already developed very creative designs that add to its track record of great designs, investing its outstanding balance and expertise, which is internationally recognized.

* You mentioned that your company has already won another award in London, the Excellence Award for the best commercial real estate developer in the UK. Please elaborate?
** In 2008, Raik Real Estate won the Excellence Award for the best commercial real estate developer in the Kingdom for the said year, awarded by the International Real Estate Finance Summit (IREF). which was held in the British capital, London, in recognition and appreciation of the company's position and its prominent role as one of the giant companies working in the fields of real estate investment and development not only in the Middle East region, but also on a global scale, and in recognition of its excellence in the development of real estate and commercial projects in the Kingdom, and the projects that were the reason for the company to obtain the award were the projects of “Sky Towers”, “Palm Tower”, and ”Riyadh Commercial Tower” itself, which won the aforementioned award.

There is no doubt that the company's winning this award is the subject of our pride and pride, especially since it is an international award that places Rayak Properties in a distinguished global position in the sector of leading and well-known regional and international companies in the field of real estate development, and we view this victory with a greater sense of responsibility that imposes on us to continue the approach of excellence and major achievements that elevate the real estate industry, and that the company continues to walk according to a scientific and documented system to remain in the ranks of leading real estate development companies in the region.

Rayak Real Estate.

Villas Avenue

* We would like to know about your latest real estate project that you are preparing to build. What is this project and what are its most prominent architectural and urban features, and where will it be located?
** Sensing the responsibility of ”Raik Real Estate” in providing housing needs, especially for new families, and based on its insightful vision of the reality of the Saudi market and the growing demand for residential units, especially in the capital, Riyadh, we plan to construct our latest residential projects with architectural and engineering features of great splendor and beauty, which suits the tastes of the elite of those seeking luxury villas. With specifications that attract those looking for good taste at an affordable cost, and with architectural designs that take into account the requirements and characteristics of the Saudi family, starting from the choice of location (east of Riyadh) and in an integrated services area that is witnessing an active urban renaissance, through architectural designs and ending with modern construction methods and using the best quality building materials.
Raik Real Estate has mobilized all its technical, technical and creative capabilities and energies to build the project in a way that satisfies its elite customers, to radiate luxury, speak of creativity and shine with architectural and engineering splendor and beauty, with the highest levels of luxury, comfort and safety ... Raik has harnessed for this purpose its balance of expertise, competencies and creative and creative energies, as an architectural masterpiece that adds splendor and beauty to the project site.


The villas are located east of Riyadh, specifically at the intersection of Khurais Road 80 meters wide with the new Eastern Ring Road 100 meters wide (Sheikh Jaber Al Sabah Road) and has all services (electricity, lighting, asphalt, drainage, sewage, telephone, water) in addition to its proximity to King Fahd National Guard Hospital, King Khalid Military College, and the Guard Officers Club.
* We would like you to introduce your company ”Rayek Real Estate Company“, what are the titles and principles that govern your real estate projects, and what about your future vision in the world of construction? ** The company adopts a clear strategy that aims to ascend to a more advanced, credible and creative position in the Saudi, Gulf and international real estate market, through the implementation of giant real estate projects with great designs that raise the architectural taste and optimize the use of the property to the maximum extent possible, using advanced architectural engineering methods and modern building systems while taking care to observe high standards of excellence and quality to implement its projects, and our company, thank God, is one of the major leading companies in the field of real estate development in the Kingdom, and the fastest growing in the region.
Through a clear strategy, the company aspires to reach a more advanced, credible and creative position in the Saudi, Gulf and international real estate market through the implementation of giant real estate projects with high engineering designs that contribute to the advancement of architectural taste and optimize the use of real estate to the maximum extent possible, using advanced architectural methods and modern building systems while taking care to observe high standards of excellence and quality in the implementation of its projects.

Your company is looking forward to reaching a more advanced, credible and creative position in the Saudi, Gulf and international real estate market by implementing giant real estate projects with high standards of excellence and quality.

* Your company has had many real estate achievements, projects under construction as well as the future. Please provide a brief reference to them so that the reader can recognize the features of your architectural personality and the size of your achievements.

** Our record is full of many urban and commercial projects that we are proud and proud of because they carry wonderful architectural features that contribute to adding more touches of urban and architectural beauty with all its characteristics and lines to the city of Riyadh, and provide businessmen and local and foreign investors with their requirements of luxurious and distinguished offices, and in a way that meets their requirements and supports them in accomplishing their pioneering work, as well as a number of projects that are being completed, I ask the kind reader to present them in the following lines, and let me start with projects under completion or pre-construction stages:

Avenue Villas

It is the latest project of Raik Properties, which is preparing to build it in East Riyadh - as previously mentioned - with architectural and engineering features of great splendor and beauty, which suits the tastes of the elite of luxury villas, with specifications that attract those looking for good taste at an affordable cost, and with architectural designs that take into account the requirements and characteristics of the Saudi family.

”Riyadh Commercial Tower”
The tower, which is the latest project of Rayak Real Estate, will soon be constructed in the heart of the capital Riyadh, on the western side of King Fahd Road, and we expect it to constitute, God willing, an architectural and urban achievement.

“Al Nakheel Tower”
“Al Nakheel Tower” commercial-administrative project, as previously mentioned, is the latest giant real estate project implemented by “Rayak Real Estate”, and the final touches and final finishes are currently being put in place to open the project, which reaches a height of 26 floors in June next year.

Sky Towers

Sky Towers

Sky Towers Tower, one of the completed projects, is an architectural and engineering achievement that we are proud of and is located on the vital commercial artery - King Fahd Road in the heart of Riyadh - and embodies the philosophy of Raik Properties in the world of architecture and real estate, and the methods of advanced and modern architecture.

Villa Park

The complex was built in the Cordoba neighborhood in Al Khobar city, and includes 16 villas, each consisting of two floors, a private garden and a garage, and Raik Properties was keen to construct the project using the finest specifications and blended the spirit of the architectural originality of the Saudi society with the splendor of modernity, in an atmosphere of privacy and tranquility.

Some people believe that Raik Properties is a company that is committed to the development of the project.

* Some believe that your company concentrates its investments in the construction of office towers, although your investments are characterized by diversity, may we have an explanation? ** The company adopts a clear scientific real estate strategy based on sound studies that identify the real needs of the market, and the company takes its investment decisions according to these studies, and it is clear that the demand for distinctive office buildings is increasing, and the directives of the Riyadh Municipality and the new building system in the commercial strip around the vital artery of King Fahd Road that allows multiple floors encouraged us to invest in building distinctive office towers.

This is why we were keen to choose locations and designs that meet the desires and needs of the elite businessmen and major companies that seek luxury and excellence, and this is already embodied in our real estate projects in Riyadh, and we were also keen to use the latest modern building systems, the most wonderful engineering and architectural designs, and we used the expertise of major international companies in the field of design.

<After His Excellency the Minister of Finance announced the imminent issuance of the mortgage system and other complementary regulations that will regulate the real estate market. How do you see the picture of the real estate market after the issuance of the long-awaited regulations? And how do you estimate the Saudi market's need for housing? ** I believe that the speedy approval of the mortgage system according to a local formula that complies with the Islamic Sharia, will stimulate the real estate sector in the Kingdom, and then all other sectors and activities will move, and for this I believe that if the mortgage system is issued, it will make a great positive development in the field of real estate financing in the Kingdom, and will solve the issue of housing for citizens, and create a kind of balance in the market, and facilitate the ownership of real estate by the middle classes and low income people than before.

If the mortgage is approved, the results will be positive for the market and the final beneficiary by providing financial liquidity that enables him to buy the property he wants or build by providing financial amounts in exchange for fulfilling the repayment according to the agreed terms while preserving the rights of the lender through the mortgage.
As for the size of the housing need in the Kingdom, according to recent estimates, the market need is estimated at about two million housing units in the next ten years, and the number can increase if we know that Saudi Arabia is one of the highest population growth rates in the world at a rate of about 3 % per year, and there are about 80 % of Saudis in need of housing, and they do not have the ability to buy it directly, and there is a group of a group of Saudis who do not have the ability to buy it. There are a number of reasons that prevent them from owning housing, including the average Saudi per capita income, which is low compared to the high real estate prices, and the process of buying a house for a large segment of Saudis directly is very difficult for the reason I mentioned, in addition to the high prices of land and real estate.