EEC And Al Tahaluf Partnership: A New Era For KAEC
In a landmark move that promises to redefine Saudi Arabiaโs urban real estate sector, Emaar The Economic City (EEC) has signed a partnership with Al Tahaluf Real Estate Company, a PIF-backed developer, to spearhead a transformative residential project in King Abdullah Economic City (KAEC). This project will open a mixed-use development in the highly sought-after Al Murooj area, which will be dedicated to lively lifestyle communities that meet the expanding needs of both Saudi and foreign purchasers.
The opportunity to develop real estate has made KAEC a hot spot due to its strategic position as a Red Sea coast, more than 181 million sqm, and the fact that it is the largest project in the region, which is developed by the private sector. The city has been experiencing an increase in infrastructure, logistics hubs, educational and health facilities, and the project will take advantage of this and provide future residents with a seamless lifestyle. As a new property is open to foreign ownership in KAEC, the investment demand will skyrocket, which will open new horizons to international investors and expatriates.
Aligning with Saudi Vision 2030
The KAEC development is an indication of the attempts by the Kingdom to diversify its economy and to improve the quality of life by means of better housing. Saudi Vision 2030 aims to raise the number of Saudi nationals who own homes and entices foreign investment by implementing deregulation, intelligent infrastructure, and lifestyle-centered communities.
The EEC and Al Tahaluf partnership is directly aligned with these objectives since they will develop a livable, sustainable district that integrates public space, smart technologies, and environmentally friendly design.
Foreign Property Ownership Boosts Investor Interest
An update in the policy that permits foreign ownership in KAEC makes the development an ideal location to international investors. KAEC also allows complete foreign ownership of properties as opposed to many other cities in Saudi and this is a big boost to its investment portfolio.
International investors, particularly UAE, India and European investors are already targeting the residential units in KAEC as an investment to gain capital appreciation and rental income. The Al Murooj area, which is located close to the KAEC beach, golf courses and business centers, is likely to attract a high resale and rental value once it is finished.
K. Hovnanianโs Expertise in Lifestyle Communities
The cooperation of Al Tahaluf with K. Hovnanian, one of the best lifestyle community developers in the United States, is another point of credibility and quality assurance of the project. K. Hovnanian is a company that has been associated with the provision of intelligent, energy-saving houses that are of international living standards. Their contribution will guarantee international standards of design, project implementation and facilities.
The envisaged development will feature recreational parks, walkable neighborhoods, education centers, and wellness facilities, and thus the envisaged development will be like a magnet to families and long-term investors that are looking to enjoy the quality of life and long-term value.
