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Home Non Banking Mergers & Acquisitions

Saudi Wealth Fund PIF Announces Launch of Real Estate Company Roshn

The new company aims at increasing house ownerships and living standards through innovative housing solutions

The Global Economics by The Global Economics
August 21, 2020
in Mergers & Acquisitions, Funds, Real Estate, Trending
Reading Time: 2 mins read
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Saudi Wealth Fund PIF Announces Launch of Real Estate Company Roshn

Saudi Wealth Fund PIF Announces Launch of Real Estate Company Roshn

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Saudi Arabia’s sovereign wealth fund- The Public Investment Fund (PIF) has made the announcement of the launch of a new real estate company named “Roshn” with an aim to meet the growing domestic house demand in the nation.

The reliance on privately owned property developers has started to shift towards housing stock and the domestic market with many mortgage firms availing funds to interested property owners.

In a statement issued on Wednesday, Roshn was said to be helping in the creation of strategic partnerships between the Saudi private sector and private investors. By following international benchmarks, Roshn will assist in community planning and design through innovative techniques and construction methods.

With the initiative to increase home ownership in the kingdom, Saudi’s minister of housing has agreed to absorb the tax increase for first time buyers on units worth around 850,000 Saudi riyals. Several mortgage firms have joined hands to make funds available to interested property owners.

The establishment of the new real estate company marks PIF’s Investment Strategy to focus on the Vision 2030 by bolstering the kingdom’s house ownership levels to 70% and raise the standards of living.

The Global Economics

The Global Economics

The Global Economics Limited is a UK based financial publication and a bi-annual business magazine giving thoughful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

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