Azad Properties, NHC join hands to develop Souq7 Riyadh

Arab News

05-02-2025

RIYADH: Saudi Arabia's Azad Properties and the NHC have agreed to develop the Souq7 Riyadh project, reflecting a public-private partnership aligned with Vision 2030 goals.
In an interview with Arab News on the sidelines of the 2025 RLC Global Forum, Ayman Al-Burti, CEO of Azad Properties emphasized that partnerships are a key pillar of his company's expansion strategy.
The agreement comes amid Saudi Arabia's drive to bolster the private sector and foster sustainable partnerships for development. It also underlines the Kingdom's rapid real estate advancements, driven by innovative, eco-conscious urban developments and substantial infrastructure investments.
'One of our most exciting recent collaborations is with the NHC, with whom we have signed a MoU to develop Souq7 Riyadh,' Al-Burti said.
He added that the 700,000 sq. meter project will establish a dynamic commercial hub in the Al-Khuzam suburb, showcasing the company's dedication to creating spaces that drive economic growth.
'This initiative builds on the success of Souq7 Jeddah, a project that transformed traditional retail by integrating innovation and community engagement. With the NHC, we aim to replicate this success in Riyadh, offering new opportunities for both local businesses and global brands,' Al-Burti said.
The CEO of the real estate developer highlighted that when Azad Properties was founded in 2017, it had a clear mission of creating spaces deeply rooted in the needs and aspirations of their communities, contributing to their success in the Saudi real estate market.
He added that today, under the umbrella of AWJ Holding, they manage 12 properties across the retail, logistics, and commercial sectors, each designed to reflect both the history and the evolving needs of the surrounding districts.
'Guided by Saudi Vision 2030, we have built destinations that inspire and elevate daily life. This is what differentiates Azad. We are not just building projects; we are contributing to a brighter, more sustainable future for Saudi Arabia,' he said.
Speaking about their plans to list on the Saudi market, he stated that the dates and timelines will be announced in due course.
'While the timeline for the public listing will be announced at a later stage, we are finalizing our plans and focusing on key milestones. These include optimizing our portfolio, enhancing corporate governance, and increasing stakeholder engagement,' he said, adding that their aim is to ensure a smooth and successful initial public offering preparation process that supports our long-term growth and strategic objectives.
He pointed out that they have announced the appointment of PwC, a global leader in IPO advisory services, to support their journey toward going public. 'These efforts are in line with our 5-year strategy and efforts to enhancing our organizational, operational, and governance frameworks to meet the highest IPO standards,' he said.
Al-Burti added that their strategy focuses on strengthening their diversified portfolio, which includes lifestyle retail, logistics, and commercial properties.
'Beyond portfolio management, we are also strengthening our digital infrastructure and incorporating sustainability principles across our developments. This positions Azad Properties as a forward-thinking leader in the real estate market,' he said.
The executive also emphasized that competition is something they welcome, as it drives innovation and raises industry standards. He added that Azad Properties sees its role as contributing to the Kingdom's broader vision of becoming a world-class destination with diverse offerings in the sector.
'Saudi Arabia's real estate sector is undergoing a transformation in line with Vision 2030. We are proud to play a part in that change by offering developments that add to the richness and variety of destinations across the Kingdom. Together with other players in the market, we are enhancing the appeal of Saudi Arabia as a hub of cultural, commercial, and lifestyle excellence,' he said.
As for Azad Properties' approach to the environment amid the company's expansion plans, he stated that sustainability is integrated into every phase of their projects.
He emphasized that the company focuses on creating lasting impact through solutions that preserve resources, enhance energy efficiency, and reduce waste while ensuring their developments remain adaptable to future needs, fully aligning with Saudi Arabia's Vision 2030 goals.
The CEO highlighted that the recent announcements are just the beginning of what lies ahead.
'One of Azad's key areas of expansion is in the logistics and commercial sectors, aligning with Saudi Arabia's major efforts to develop free zones and enhance its logistics infrastructure under Vision 2030.'
He also underlined that these initiatives are designed to diversify the economy, attract foreign investment, and create opportunities for businesses to expand their operations in the Kingdom.
'Our strategy involves expanding our portfolio through targeted projects that support both local and international business needs. With more collaborations on the horizon, we remain focused on delivering developments that align with Vision 2030 and enhance the Kingdom's position as a leading destination for investment and innovation,' he concluded.
Azad has developed the Souk7 Jeddah project, which spans over 700,000 sq. meters, with a rental area exceeding 400,000 sq. meters. The project includes more than 4,000 stores spread across 114 buildings, with an estimated cost of SR 1.5 billion ($400 million).
It aims to generate annual retail sales exceeding SR2 billion and create more than 24,000 jobs for Saudi youth, contributing to the country's economic growth and aligning with the Kingdom's promising vision.