Eastern Province records 28,000 real estate transactions in 9 months

Developing the property sector is crucial for Saudi Arabia, as it is steadily diversifying its economy away from oil. File
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Updated 31 October 2023
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Eastern Province records 28,000 real estate transactions in 9 months

RIYADH: The volume of real estate transactions in the Kingdom’s Eastern Province reached 28,000 worth SR36 billion ($9.6 billion) by the end of the third quarter, said a top official.

Abdullah Saud Al-Hammad, CEO of the Real Estate General Authority, noted that 45 percent of these transactions involved commercial real estate properties. In comparison, 39 percent were residential properties, the Saudi Press Agency reported.

Al-Hammad said the contribution of real estate activities to the Kingdom’s overall gross domestic product reached 6.1 percent by the end of the third quarter.

On the other hand, the contribution of the real estate sector to the non-oil GDP of the Kingdom stood at 12.7 percent during the same period.

Developing the property sector is crucial for Saudi Arabia, as it is steadily diversifying its economy away from oil.

Earlier this month, a report released by the General Authority for Statistics revealed that Saudi Arabia’s real estate price index rose by 0.7 percent in the third quarter compared to the year-ago period, fueled by an increase in residential estate values.

In August, Saudi Arabia unveiled a real estate market initiative to streamline the sector.


New Murabba seeks contractors for Mukaab Towers fit-outs: MEED

Updated 28 January 2026
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New Murabba seeks contractors for Mukaab Towers fit-outs: MEED

RIYADH: Saudi Arabia’s New Murabba Development Co., a wholly owned subsidiary of the Public Investment Fund, has issued a request for information to gauge the market for modular and offsite fit-out solutions for its flagship Mukaab development, MEED reported on Wednesday.

The RFI was released on Jan. 26, with submissions due by Feb. 11. NMDC has also scheduled a market engagement meeting during the first week of February to discuss potential solutions with prospective contractors.

Sources close to the project told MEED that NMDC is “seeking experienced suppliers and contractors to advise on the feasibility, constraints, and execution strategy for using non-load-bearing modular systems for the four corner towers framing the Mukaab structure.” The feedback gathered from these discussions will be incorporated into later design and procurement decisions.

The four towers — two residential (North and South) and two mixed-use (East and West) — are integral to the Mukaab’s architectural layout. Each tower is expected to rise approximately 375 meters and span over 80 stories. Key modular elements under consideration include bathroom pods, kitchen pods, dressing room modules, panelized steel partition systems, and other offsite-manufactured fit-out solutions.

Early works on the Mukaab were completed last year, with NMDC preparing to award the estimated $1 billion contract for the main raft works. This was highlighted in a presentation by NMDC’s chief project delivery officer on Sept. 9, 2025, during the Future Projects Forum in Riyadh.

Earlier this month, US-based Parsons Corp. was awarded a contract by NMDC to provide design and construction technical support. Parsons will act as the lead design consultant for infrastructure, delivering services covering public buildings, infrastructure, landscaping, and the public realm at New Murabba. The firm will also support the development of the project’s downtown experience, which spans 14 million sq. meters of residential, workplace, and entertainment space.

The Parsons contract follows NMDC’s October 2025 agreements with three other US-based engineering firms for design work across the development. New York-headquartered Kohn Pedersen Fox was appointed to lead early design for the first residential community, while Aecom and Jacobs were selected as lead design consultants for the Mukaab district.

In August 2025, NMDC signed a memorandum of understanding with Falcons Creative Group, another US-based firm, to develop the creative vision and immersive experiences for the Mukaab project. Meanwhile, Beijing-based China Harbour Engineering Co. completed the excavation works for the Mukaab, and UAE-headquartered HSSG Foundation Contracting executed the foundation works.