United Electronics Company (eXtra), one of the fastest-growing consumer electronics and home appliance retailers, Monday announced the opening of two new stores — in Makkah and Riyadh — bringing the total store network to reach 34 in the Kingdom.
Located on third Ring Road close to Al-Nour Hospital, the new store in Makkah is eXtra's second outlet in the holy city that occupies 3,000 square meters. Opened on the back of strong demand for eXtra's wide range of latest product offerings, the new store claims to offer the very best consumer electronics and home appliances to a population of approximately 1.8 million.
Occupying 2,080 square meters, the new Riyadh store is located on Tumamah Road within close proximity to the Kingdom City Compound and Hayat Convention Hall. Serving a population of approximately 260,000, the north Riyadh outlet has been designed to meet the growing needs of a large population of the capital and also its surrounding areas.
Karim Manssour Dahbi, CEO, United Electronics Company (eXtra), said: "Both Makkah and Riyadh are rapidly emerging as important markets where our customers are demanding the latest products. With the opening of two additional stores, eXtra once again extended its brand promise to millions of existing and potential customers."
eXtra was recently named as one of the top 200 companies in the GCC by Forbes Middle East, and also ranked as one of the top 5 service companies in the Kingdom.
In both 2010 and 2011, eXtra was cited by the Saudi Arabian General Investment Authority (SAGIA) as one of the Kingdom's fastest-growing companies. In addition, eXtra was also recently named as one of the Arabia 500 top companies in recognition of its exceptional growth and sustained commercial success.
eXtra adds two new stores to reach 34 outlets in Kingdom
eXtra adds two new stores to reach 34 outlets in Kingdom
Al-Saedan launches $400m investment platform for real estate, digital infrastructure
Al-Saedan Real Estate Company of Saudi Arabia, in collaboration with Serpentine Lake Capital of the UK and SGI Real Estate of Canada, have announced the establishment of a joint development and investment platform under the name SL Property. The platform will develop commercial, residential, and hospitality projects, alongside infrastructure and data center projects, across the Kingdom. It reflects the growing international interest in Saudi Arabia’s real estate and digital infrastructure markets and supports the development of high-quality, long-term assets within the Kingdom.
The agreement signing ceremony was held under the patronage of Minister of Municipal, Rural Affairs and Housing and Chairman of the Real Estate General Authority Majid bin Abdullah Al-Hogail, as part of the Future of Real Estate Forum, in which Al-Saedan Real Estate participated as a strategic sponsor. The ceremony was attended by Dr. Badr bin Ibrahim bin Saedan, chairman of the board of Al-Saedan Real Estate; Ahmed bin Ibrahim bin Saedan, vice chairman of the board of Al-Saedan Real Estate; Ben Mikola, representative of Serpentine Lake Capital and SL Property; and Hassan Al-Shawwa, representative of SGI Canada.
The attendance reflects the strategic importance of the initiative and the continued support of the authority in facilitating the attraction of high-quality international investments into the Kingdom’s real estate and digital infrastructure sectors.
This development follows the issuance of the Regulation on Real Estate Ownership by Non-Saudis in Saudi Arabia, which came into effect in January. The updated regulatory framework is expected to expand access to international investment, facilitate foreign investor participation in strategic sectors, and increase the depth of institutional capital flowing into the real estate, infrastructure, and data center sectors in the Kingdom.
The platform is targeting initial joint investments of SR1.5 billion ($400 million) in partnership with Al-SaedanReal Estate, representing the first phase of a broader, multi-stage investment program. In its initial phase, SL Property — Al-Saedan intends to invest in six to eight projects across real estate, infrastructure, and data centers, with additional opportunities anticipated as the platform’s activities expand in the future.
The initial projects will be concentrated in Riyadh and Jeddah, and will include mixed-use developments, commercial assets, residential projects, and infrastructure related to data centers. These projects are designed to be scalable, sustainable, and aligned with national development priorities, including housing expansion, enhancement of urban quality of life, hospitality sector growth, and strengthening the Kingdom’s digital services capabilities.
Al-Saedan Real Estate is one of the oldest private real estate development companies in Saudi Arabia, with more than 80 years of operational experience and a strong track record that includes the development of seven major integrated urban communities, in addition to numerous commercial, hospitality, and associated infrastructure projects.
The SL Property platform will serve as a dedicated investment vehicle for this initiative, with Serpentine Lake Capital contributing its asset management expertise, and SGI Real Estate providing its specialized real estate sector experience. The platform’s structure is intended to combine local development capabilities with disciplined international investment practices and robust governance standards.
This initiative aligns with the Kingdom’s economic diversification objectives and reflects growing confidence in the updated regulatory framework governing the real estate and digital infrastructure sectors. As the platform evolves, it is expected to provide both local and international investors with access to high-quality investment opportunities across the real estate and data center sectors throughout the Kingdom.
Dr. Badr bin Ibrahim said: “At Al-Saedan, we are pleased to be among the first beneficiaries of the promising new foreign investment system. Following our success in raising several local investment funds, we look forward to expanding our expertise and partnerships at a global level.”
Mikola added: “We are pleased to partner with Al-Saedan, whose strong track record provides a solid foundation for this collaboration. As the platform develops, we expect to explore opportunities to expand into real estate and infrastructure projects within the Kingdom of Saudi Arabia and beyond. The Kingdom represents a fast-growing market driven by clear structural factors, and we look forward to developing high-potential opportunities through a disciplined and focused approach.”
