Raza, the real estate management arm of Saudi Public Pension Agency (PPA) and a subsidiary of Al Ra’idah Investment Company (RIC), has launched its operations in the kingdom in line with its new growth strategy which will see the company double its portfolio to SR26 billion ($6.9 billion) in AUM (assets under management) by 2024.
Raza currently manages a total AUM (assets under management) of SR13 billion ($3.46 billion) covering 2 million sqm of high-quality office, mixed-use and community developments Riyadh, Jeddah and Dammam, said the statement from the company.
Raza is currently completing a development pipeline of 4,600 residential units in Digital City and Jeddah Obhur. Together with existing compound assets and residential portfolio in the Diplomatic Quarter, Raza will emerge as the largest community landlord in the Kingdom by 2020.
Raza has charted out a five-year growth strategy wherein placemaking and developing integrated communities act as critical growth catalysts in doubling its portfolio to nearly SR26 billion in AUM by 2024.
The current occupancy rates across its portfolio stand at 85% with some of the prominent developments such as Digital City in Riyadh close to fully leased, said the property asset manager and developer.
As part of the growth strategy, Raza has also launched a digital transformation programme to deliver improved operational efficiency and customer experience.
In keeping with their commitment to professionalise the market, the next few months will see introducing new-to-market concepts to Saudi Arabia that enhance integrated community experience where people want to live, work and relax.