TMG Saudi and Roshn Group Plan 55,000-Home Project in Riyadh

Talaat Moustafa Group (TMG) Saudi and Roshn Group, owned by the Public Investment Fund, have entered into a preliminary agreement to establish a joint company aimed at developing a significant mixed-use project in Riyadh. TMG Saudi will hold a 51 per cent stake in the venture, while Roshn will hold 49 per cent. This agreement builds on a memorandum of understanding signed between the two companies in June.

The proposed project is expected to feature a residential-led, mixed-use community with more than 55,000 units, as well as retail, commercial, hospitality, leisure, healthcare, and education facilities, along with parks and public spaces. Detailed master planning and business case development will be undertaken before finalizing the venture, with specifics on location, investment value, and delivery timeline yet to be disclosed.

Naaman Atallah, CEO of Roshn Group, expressed enthusiasm for the collaboration with TMG Saudi, highlighting the potential to leverage both companies' expertise to create a world-class mixed-use project. Ahmed Hani, CEO of TMG, noted the favorable environment for urban development in Saudi Arabia and the value of partnering with Roshn Group.

The partnership combines Roshn's land bank and market expertise in Saudi Arabia with TMG's experience in large-scale mixed-use developments across the region. It aligns with the Public Investment Fund's 2026-2030 strategy for urban development and supports Saudi Arabia's Vision 2030 goal of increasing homeownership to 70 per cent by 2030.