Binghatti Developers, one of the leading UAE-based real estate developers, has announced that it is planning to open two new sales offices in Riyadh and Jeddah, the two largest cities of the Kingdom of Saudi Arabia, within two months from now.
The announcement came as a part of Binghatti’s participation at Cityscape Abu Dhabi 2019, the two-day real estate exhibition which is currently being held in Abu Dhabi National Exhibition Center and will end tomorrow, April 18.
Through the event’s platform, the developer is showcasing Binghatti Gateway, a $54.4m master development which is due for completion and handover by the end of the year 2020.
In his comment on the announcement, Muhammed Binghatti, CEO and head of architecture of Binghatti Developers, explained that Binghatti Developers is aiming to generate more sales from the Saudi market as there are a lot of potential homebuyers and investors there though the company, in terms of project development, is currently focusing on Dubai only.
It is worth mentioning that Binghatti Developers is not the only UAE-based company to decide to open new sales offices in Saudi Arabia this year despite the poor performance of the Saudi property market in 2018. Last month, Arada, the leading Sharjah-based developer, has announced its plans to expand its operations to both Abu Dhabi and the Kingdom of Saudi Arabia.