Safa Investment undertakes over SAR 4.5 bln projects: CEO

Safa Investment Co. currently undertakes projects of over SAR 4.5 billion.

CEO Moath Alzaid told Argaam on the sidelines of the EFG Hermes Saudi Forum in London that Safa plans to supply a number of quality residential complexes and units, noting that the occupancy rate at apartments reached 95.4%.

Safa works currently on various aspects, mainly the launch of investment funds in partnership with other firms to implement commercial and residential projects. Safa launched several funds with Albilad Capital, Alistithmar Capital, Musharaka Capital and BLOM Invest in Riyadh and Jeddah.

The company is also working on government projects with National Housing Co. (NHC) by implementing residential projects in NHC’s suburbs. Safa also invests in and develops its own projects in the residential, commercial and office sectors.

Safa aimed to provide an attractive and inspiring business environment to achieve institutional excellence and garner a leading position in the local market. The company aimed to be a national model that goes in line with the latest construction engineering, Alzaid added.

On the other hand, he added that the Saudi real estate sector is seeing great support by the Kingdom’s leadership. It witnesses an unprecedented momentum on the level of laws upgrade, and increased support for workers in the sector.

The higher demand for housing units compared to the supply, according to official data, reaffirms the strong opportunities and expected growth in the sector.

Alzaid also said that Safa works with a number of advisors in line with its strategic plan for 2023, which set targets for raising the levels of governance, disclosure and readiness for listing or public offering requirements. The company’s transition to the market is subject to the board of directors’ decision.

Source: Argaam