State-owned Saudi property developer Raza is planning more mixed-use projects that could combine offices, homes and leisure facilities in the latest sign of the conservative Islamic kingdom experimenting with a more open society.
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Strict social rules have also been relaxed, especially in the capital Riyadh, after the crown prince clipped the wings of the religious police which for decades had punished people for playing music in public, dressing immodestly or mixing with members of the opposite sex.
“There is a gap in the market for this concept: place-making and mixed-use developments,” he said during an interview.
“This is a young Saudi generation, and women are increasingly accessing the job market, so demand is changing and now people expect to do everything at the same place. So we provide the retail, shopping, schools, clinics and entertainment in the same area.”
Raza, the real estate arm of the Public Pension Agency (PPA), currently manages 2 million square meters of office, mixed-use and community developments in Riyadh, Jeddah and Dammam.
It aims to double assets under management to 26 billion riyals ($6.9 billion) by 2024, Aleisa told Reuters.
As well as property development, Raza will also offer asset management, property management and commercial services under its new strategy.
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