A country with a population of just over 36 million, Saudi Arabia is the eighteenth largest economy in the world. With a GDP of over USD 833.54 billion, Real Estate is said to be the second-largest revenue generator. As per the 2021 reports, real estate contributed 40,000 jobs and around USD 103 billion to the country’s economy. It is very much a core beneficiary of Saudi Arabia’s ambitious and impressive Vision 2030.
As part of Vision 2030, His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Prime Minister, and Chairman of the Council of Economic and Development Affairs has set out several ambitious strategies under Vision 2030 for the future of Saudi Arabia. Several mega projects such as NEOM, Amala, Red Sea, Qiddiya, Diriyah Gate and more are aiming to increase home ownership in the Kingdom. The launch of the SAR 15 billion Tourism Development Fund is reportedly promoting over 65 tourism-oriented projects across the Kingdom.
Under Vision 2030, the KSA government has planned to capitalize on the government’s reserves of real estate and allocate them for educational, healthcare, tourism, private entrepreneurship and entertainment purposes. For this, banks and other financial institutions are being supported to customize their products and services to meet the new demands of Vision 2030. As part of promoting the entrepreneurial spirit of Saudi Arabia, the Kingdom plans to introduce funding programmes to benefit large projects and small businesses. In order to create a business environment conducive to long-term investment, several amendments are being undertaken to international legal and commercial regulations. The real estate sector is witnessing its next big boom in the form of King Abdullah Financial District, the headquarters of the Public Investment Fund and the largest sovereign wealth fund in the Kingdom.
Nation Building One Project at a Time
World Business Outlook, in its quest to find the leaders of the real estate sector in Saudi Arabia, came across Azad Properties. Headquartered in Jeddah and prominently active across Saudi Arabia since 2017, Azad Properties specializes in real estate activities and projects including retail, workshops and other commercial properties. Azad Properties is showcasing innovation in real estate by promoting large business and entertainment projects in its portfolio. Azad Properties has been adjudged the ‘Fastest Growing Asset and Property Management Company in Saudi Arabia 2023’ and ‘Most Sustainable Real Estate Investor Saudi Arabia 2023’ by World Business Outlook.
Azad Properties has over 1 million sq. meters of gross leasable area. Their clientele includes world-class retailers to sub-developers and their portfolio of assets comprises of commercial, retail and industrial properties. Azad Properties has established an agile policy and procedures system that governs and supports their leasing strategy, leasing operations, leasing administration, property operations, facility management, assets management and marketing activities.
Azad Properties has proven its excellence in services including property and asset management, leasing, facility management, tenant relations & collection, strategy, commercial development, property maintenance, risk management, implementation of safety measures in commercial and industrial properties, intermediary services with contractors, insurance companies and tenants and several marketing services.
Here is a highlight of some of the major assets of Azad Properties
Souq7
Spanning across an area of 700,000+ sq.m. in the highly populated Al Jamea district of southern Jeddah near King Abdulaziz University, Souq 7 is a commercial hub segmented into 7 main zones. The property consists of 114 building blocks that comprises over 400,000 sq.m. of leasable area, 12 cinemas, 6 mosques, and many other commercial establishments. Christened as ‘A Souq for everyone’, this site is projected to generate a revenue of SAR 2.3 billion and over 24 thousand new jobs.
Corniche Commercial Center
Located near the Jeddah Islamic Port, this eleven-floors building is a shopper’s haven. It houses several fashion and Apparel shops. It is estimated that over five thousand people visit this 37,000+ sq.m shopping site every day.
Darraja Center
A traditional retail format, this souk is a popular destination among Jeddah residents for everything related to furniture, carpets, and decoration items. Surrounded by other well-known commercial centers located in Jeddah City
Bawabat Alsenaya
With a total space of over a million sq.m., this industrial zone is among the largest industrial districts in Riyadh city. With line shops, warehouses and workspaces, this area was developed for emerging companies and businesses of Saudi Arabia. Other noteworthy properties in their portfolio include the Al Alam Mall, Taba Center, Center17 & Al Khazzan Buildings
A Visionary to build a Vision
Alumni of London Business School, Ayman Al Burti is the CEO of Azad Properties. He ensures a sustainable and blooming business ecosystem for the company. His 20 years of experience spans through asset management, operation, sales and business development in the commercial and residential sector. Previously, he was the Chief Commercial Officer at AWJ Holding and the Chief operating officer of Anan Holding. He has also handled several crucial and senior management roles at Kinan International Real Estate Company and Savola Group. He is also a board member of Jeddah Central Markets company.
Azad properties received many excellence awards, including:
- Great place to work award for 2022
- Global Business Outlook award to Azad as the fastest growing property management company for the year 2022
- The best decoration and event award for Cornish commercial center at the Asian Leadership Awards Ceremony, Dubai, United Arab Emirates pertains to the activity and decoration of the holy month of Ramadan.
- Traditional Marketing Award 2022 at the Dubai Retail Shopping Conference for Cornish commercial center
- The 9th Annual Summit Award of the Middle East and North Africa Retail Leaders Forum, with Azad properties being the silver participating partner in this event.
Azad Properties is completely aligned with the glorious vision of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz under the Vision 2030 goals. With major focus on the business and entertainment sectors while improving the quality of life of the Saudi public, the organization is investing its major resources towards the modernization of the Kingdom’s cities. Through an advanced property management system, Azad properties has been efficiently tracking any potential issues and resolving them. Thus, successfully managing its entire operations smoothly.
The management at Azad Properties has devised an ambitious goal that incorporates real estate services, achieve shareholder interests and assemble a team of experts to maintain its market leadership while still serving customer interests. In order to meet the ambitious demands of Vision 2030, Azad Properties is forging strategic partnerships with businesses to improve the nation’s quality of life.
Article by Ujal Nair
