Omrania’s founder offered remarks on the Saudi real estate sector and the importance of placemaking as part of an invited panel discussion.
On Wednesday, 1 May 2019, Basem Al-Shihabi, Managing Director of Omrania, participated in a ceremony and panel discussion to celebrate the launch of Raza, the real estate management arm of Saudi Public Pension Agency (PPA) and a subsidiary of Al Ra’idah Investment Company (RIC). The panel discussion, titled “Unlocking further potential of Saudi real estate,” included Mr. Shihabi in conversation with the CEO of Raza, Waleed Al-Eisa, Managing Director of Colliers International KSA, Imad Damrah, and Director & General Manager of Brookfield Multiplex UAE, Stephen Thomas.
The panel discussion reflected the progress of the Kingdom’s real estate sector and, more importantly, the possibilities for future growth and sustainable development. Mr. Shihabi drew upon his experience as an architect, landscape architect, and master planner to discuss thoughtful approaches to real estate development in connection with Vision 2030. In particular, while discussing the notion of placemaking, Mr. Shihabi shared insights on the redevelopment of Prince Mohammed Bin Abdulaziz Street (Tahlia Street) in Riyadh, recalling the story on how the once dangerous and high-speed traffic corridor was transformed into one of the capital’s prime urban destinations. The street became a safe and attractive environment and home to a vibrant food and beverage business cluster. The value of real estate on both its sides improved dramatically.
These and other important ideas discussed at the Raza event are likely to play a role in the Kingdom’s thriving real estate sector. We look forward to participating in future discussions and activities to promote visionary urban development.