RED House Dubai Investments Venture

Dubai Investments Announces Joint Venture with RED House to Manage Development Projects in KSA

Dubai, March 22, 2015 – Dubai Investments PJSC (DI), the leading investment company listed on the Dubai Financial Market, has announced a 50:50 joint venture partnership with RED House SAL – a Saudi-Lebanese Joint Stock Company with extensive expertise in real estate investments across the MENA region. This strategic collaboration aims to manage projects and developments in the Kingdom of Saudi Arabia.

The newly formed joint venture company is set to manage and operate mega, mixed-use real estate development projects throughout Saudi Arabia. The launch of this new entity comes at a time of burgeoning growth trends within the Saudi Arabian real estate sector, which is currently valued at over SR1.3 trillion and is projected to reach SR1.5 trillion in the coming years.

A joint venture agreement was formally signed in Dubai last week between Khalid Bin Kalban, Managing Director and CEO of DI, and Mazen Beaini, Chairman of RED House SAL. The signing ceremony was attended by Musaed Al Sarra, Board Member of RED House SAL, along with other senior officials from Dubai Investments.

The new joint venture will commence its operations with a significant project in Riyadh, with other substantial projects already in the pipeline. The initial project, "Riyadh Investment Park," which is expected to be unveiled soon, will span approximately 10.5 million square meters. Strategically located at the periphery of the Saudi capital, this Investment Park will be developed in two phases and is designed to encompass a comprehensive range of facilities, including warehouses, commercial showrooms, labor amenities, offices, and other logistics facilities, mirroring the successful model of Dubai Investments Park (DIP), the largest integrated commercial, industrial & residential community in the region.