ROSHN Group, Saudi Arabia’s leading multi-asset class real estate developer, and Talaat Moustafa Group Saudi (TMG), one of the Middle East’s major community developers, have entered into a deal to establish a joint venture company that will be responsible for the development of a residential-led, mixed-use community in Riyadh.

The agreement establishes a framework for the two groups to evaluate a potential partnership for the phased development of the project. 

The concept under evaluation is for a residential-led, mixed-use community supported by retail, commercial, hospitality, leisure, healthcare and education facilities, together with parks and public spaces. 

As per the deal, ROSHN Group and TMG Saudi will undertake detailed master planning and business case development for the project. The project is expected to comprise more than 55,000 residential units, according to preliminary studies.

The duo will help unlock further investment opportunities spanning residential and commercial developments, as well as hospitality, retail and fully integrated human-centric communities, drawing on ROSHN Group’s extensive land bank and TMG’s proven track record in delivering large-scale mixed-use developments.

On the new venture, ROSHN Group CEO Naaman Atallah said: “We are pleased to explore this opportunity with TMG Saudi and assess how our combined expertise can contribute to the development of a world-class mixed-use project that enriches quality of life and supports the objectives of Saudi Vision 2030.”

TMG Group CEO and Managing Director Ahmed Hani Talaat Moustafa said: “Saudi Arabia offers an exceptional environment for urban development, and we value the opportunity to explore this project with ROSHN Group.”

“We will now work with our partners to assess how our experience in building integrated communities contributes to supporting the urban transformation underway across the kingdom,” he added.