By: Mohamed Idris
Riyadh – Decypha: Bussma Real Estate Management is currently working with a number of financial companies to establish an income-generating real estate investment trust (REIT) worth SAR 130 million ($34.6 million), general manager Khalid Al Mobayyad said Wednesday.
Our company has participated in more than 17 REITs and manages properties worth more than SAR 6 billion ($1.6 billion) through its various branches spread across Saudi Arabia, the top official told Decypha in a phone interview.
Bussma’s investments in real estate marketing and evaluation reached SAR 8 million and we are still working on training cadres in the field, he added.
We have completed a study of GCC and Arab markets and have come to the conclusion that we don’t need to focus on these markets or prioritise them, but rather we need to focus on our expansion within the Kingdom, Al Mobayyad highlighted in his interview with Decypha.
“We are also studying the possibility of listing our stocks in the Saudi market or the parallel market; however, our main focus remains in expansion at the present time,” the official stated.
Commenting on the Ijara programme recently approved by the Saudi housing ministry, Al Mobayyad noted that his company supported the programme from the start and was one of those taking part in it.
“The Saudi real estate market is a promising one, particularly in the future, despite the recession that has resulted from global economic conditions,” the general manager said.
He said he was optimistic about the Saudi market particularly in regards to the Saudi Vision 2030, which will positively impact real estate market growth.
Translated by: Nada Adel Sobhi
