Bin Saedan and Bloom to Develop Warehouses in Riyadh

Saudi developer Hamad Mohammed Bin Saedan Real Estate Company and Bloom Investment Saudi Company are collaborating to set up a fund aimed at developing warehouses in Riyadh. The HS Logistics Fund, as it is named, is considering the acquisition of more than 130,000 square metres of land in the capital for the construction of dry and refrigerated warehouses. This project is estimated to have a cost of SAR325 million, equivalent to $87 million. The fund intends to pursue a private placement in November or December 2026, pending approval from the Capital Market Authority. According to global consultancy JLL, Saudi Arabia’s industrial and logistics real estate sector is currently experiencing high occupancy rates, with levels exceeding 90 percent in Riyadh, Jeddah, and the Dammam Metropolitan Area as of the second quarter of 2026. The kingdom's warehouse market is projected to grow to $2.5 billion by 2034, expanding at a compound annual growth rate of more than 8 percent from 2026 to 2034, as reported by research company Imarc.