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RIYADH: ROSHN, the real estate development company backed by the Public Investment Fund, has announced a bold transformation into a multi-asset real estate developer, the Saudi Press Agency reported.

This move is underscored by the launch of a refreshed corporate identity and a new strategy designed to elevate the quality of life across the Kingdom.

The redefined strategic direction includes an expanded portfolio that spans new categories of real estate assets, marking a significant step in ROSHN’s commitment to reshaping the urban landscape. The company aims to lead the sector’s transformation by creating vibrant, sustainable communities, in alignment with the Kingdom’s Vision 2030 goals.

This shift also aligns with ��������Ƶ’s national objective of achieving a 70 percent homeownership rate and enhances ROSHN’s role in driving economic growth and job creation. It marks a key milestone in ROSHN’s leadership within the real estate sector and sets the stage for the development of mixed-use projects and multi-asset destinations across the country.

“ROSHN is proud to be a pioneer in the Kingdom’s real estate development sector, with an ambitious vision to transform the urban landscape,” said Ghada Al-Rumayan, group chief marketing and communications officer. “As ROSHN grows, its vision becomes increasingly clear, reflected in its expansionary approach and commitment to creating distinctive, high-quality destinations that enhance the quality of life across the Kingdom.”

The new identity reflects ROSHN’s dedication to diversifying its real estate offerings. The company is expanding beyond residential communities to include integrated spaces that cater to various segments of society. The goal is to raise living standards and foster economic development, in line with the goals of Vision 2030.

One of the latest projects showcasing this vision is the MARAFY development in Jeddah, which aims to create a pioneering waterway system connecting the Red Sea to Jeddah’s neighborhoods — a first of its kind in the Kingdom.

ROSHN’s current portfolio spans over 200 million sq. m of residential communities, alongside more than 4 million sq. m of commercial spaces, including offices, retail outlets, and tourism facilities. The company also has significant investments in infrastructure, healthcare, education, mosques, and essential services.

Moreover, it is expanding into emerging sectors such as logistics, industrial zones, transportation, entertainment, and fitness centers, reinforcing its broad ambitions and role in diversifying the economy.

By broadening its focus beyond traditional residential developments, ROSHN aims to become a leader in the development of mixed-use, multi-asset communities that contribute to the Kingdom’s long-term growth and prosperity.

JEDDAH: ��������Ƶ will participate in the 2024 China Aviation and Aerospace Exhibition in Zhuhai, aiming to foster partnerships and further develop its military sector.

The General Authority for Military Industries is coordinating the Saudi pavilion’s participation in the global event scheduled for Nov. 12 to 17.

The display area will feature various government entities and national companies specializing in the military industry sector, offering a valuable opportunity to explore the latest advancements in technologies and equipment within the field.

The Kingdom’s defense sector is projected to make a significant contribution to the national economy by 2030, with an expected gross domestic product contribution of $17 billion and a direct addition of $9 billion to non-oil revenues. The division’s growth is set to create 100,000 direct and indirect job opportunities by the end of the decade.

Some 74 investment opportunities are emerging from efforts to develop and localize supply chains, with an estimated value of SR150 billion ($40 billion). The total investment contribution from the defense sector is expected to reach $10 billion by 2030, according to the GAMI website.

��������Ƶ’s participation in international events marks a crucial step in solidifying the Kingdom’s position as one of the fastest-growing economies among the G20 nations, said a statement by GAMI.

The initiative also emphasizes the country’s commitment to attracting global investors and advancing the objectives of Saudi Vision 2030 within the military sector.

The Kingdom’s pavilion will showcase a range of military products and equipment, particularly in aviation, underscoring the nation’s efforts to enhance national military manufacturing capabilities. By 2030, ��������Ƶ aims to localize over 50 percent of government spending on military equipment and services.

The pavilion will also highlight the sector’s investment potential and the favorable environment for investments in the counttry’s defense and military industries.

Established in 2017, GAMI collaborates with government entities and private sector partners to empower national and international firms within the military industry. This initiative aims to localize and enhance domestic manufacturing capabilities, positioning the sector as a key contributor to ��������Ƶ’s economic prosperity and defense independence.

Several government bodies, including the Ministry of Investment and the General Authority for Defense Development, are participating in the Saudi pavilion at the exhibition, alongside companies such as the National Co. for Mechanical Systems, WAKEB Co. for Artificial Intelligence and Autonomous Systems, Milestone Aviation Services, and Homat Al-Watan Co, said the statement.

GAMI’s efforts, in partnership with the public and private sectors, support the growth of the national economy by establishing policies and regulations that create a good investment environment.

The sector is now more accessible to investors due to its market size, cross-sector impact, competitive advantages, and GAMI’s focus on developing industrial participation programs and policies.