Rawabi Holdings expands its reach into real estate development as well, with Magnom Properties. The operational base will include Egypt and other MENA markets apart from Saudi Arabia. Image Credit: Supplied

Saudi Arabia’s Rawabi Holding has launched its real estate arm, Magnom Properties, which will take on high-value development of residential and other projects in the Kingdom, Egypt and elsewhere in the region.

Rawabi Holdings has until now been focused on oil and gas, marine, contracting and manufacturing. “We will focus on projects fashioned by world-class, contemporary design solutions, and attention to the environment,” said Othman A. Ibrahim, CEO. “We understand how crucial it is to keep developing our business sectors, and expanding into real estate has been a part of our growth strategy.”

For the launch, the company’s board meeting was attended by Adrian Smith and Gordon Gill, representing their firm, AS+GG Architecture. They were responsible for the design of the Burj Khalifa as well as of the Jeddah Tower, which will be among the world’s tallest structures. They also had a hand in the Central Park Tower in New York, which is now the world’s tallest residential building.

“With Adrian Smith and Gordon Gill as our architects, we are confident we have the right expertise to do so,” said Maged Marie, CEO, Magnom Properties. “AS+GG architectural designs have evolved tremendously over the years to become more versatile and sustainable, exploring newer technologies, eco-friendly materials and other energy-efficient practices in their design concepts that will help build a more sustainable future for generations to come.”