Saudi Arabia’s urban expansion is opening new avenues for property developers, investors, and businesses as the real estate industry shifts towards larger, integrated projects and increased private-sector involvement. This growth is being highlighted at the fifth Saudi Real Estate Development and Ownership Exhibition in Jeddah, which brings together government agencies, developers, investors, financial institutions, and real estate service providers to explore emerging opportunities.
Among the significant projects showcased is MARAFY, a major waterfront development spearheaded by ROSHN Group in northern Jeddah. Spanning over 9.3 million square meters, MARAFY is being constructed around an artificial waterway linked to the Red Sea through Obhur Creek. The development is poised to accommodate more than 70,000 residential units and ultimately house over 225,000 residents. Within this grand scheme, the Alarous community is set to include around 18,000 residential units, with various companies participating in broader development plans.
Developers are expanding their footprint in Saudi Arabia, driven by opportunities presented by Saudi Vision 2030. New Event Development, a company with operations in Egypt and Türkiye, has announced projects in Jeddah and plans to venture into Riyadh, underscoring the attractive prospects for growth and investment in the region.
As these opportunities proliferate, legal experts are advising potential property buyers to perform extensive due diligence before making purchases. Essential verifications include confirming property ownership, the legal standing of developers, and the authority of individuals signing contracts. Experts also emphasize the importance of reviewing commercial registrations, ownership documents, payment terms, delivery schedules, guarantees, and penalties for delays. Prospective buyers are cautioned against transferring funds to personal accounts and are encouraged to seek legal counsel prior to signing property agreements.
