In a groundbreaking move to reshape urban spaces, leading global property consultancy Knight Frank has announced an agreement with the Saudi Ministry of Municipal and Rural Affairs and Housing (MoMRAH).
The partnership signifies an important step forward in the advancement of public parks and urban spaces in the Kingdom of Saudi Arabia (KSA).
Shared vision
The announcement took place at the prestigious inauguration ceremony of the waterfront development project in Obhur. The event was held under the patronage of Prince Badr bin Sultan bin Abdulaziz, deputy governor of Makkah.
Majid bin Abdullah Al Hogail, minister of Municipal and Rural Affairs and Housing was among the special guests. Additionally, the event was attended by various senior officials, marking a momentous occasion for both Knight Frank and the Saudi Ministry.
Talal Raqaban, partner and head of Valuation & Advisory – KSA at Knight Frank, represented the firm during the ceremony. He highlighted the strategic partnership’s significance by saying: “The agreement establishes a strategic partnership between the ministry and Knight Frank, emphasizing the shared vision for creating vibrant and modern urban environments.”
Read: Saudi construction activity at the forefront in Middle East and Africa
Role in attracting investments
Raqaban underscored Knight Frank’s commitment to leveraging its expertise in real estate and investment to attract local and international investors. Moreover, he emphasized the partnership’s aim to contribute to the success of public park initiatives. This is in alignment with the broader Bahja Initiative.
Furthermore, the partnership emphasizes Knight Frank’s unwavering commitment to advancing the Bahja Initiative. It is also part of the company’s strategy to contribute to the development of the Obhur waterfront.
The collaboration marks a transformative step forward in the development of public parks and urban spaces in Saudi Arabia. The partnership aligns with the overarching objective of establishing sustainable and attractive environments for communities.
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