In a significant move for Saudi real estate, a new SAR3.3 billion mixed-use development is set to transform the Khozam District of Riyadh. This ambitious project, a collaboration between Hassan Allam Holding and Tilal Real Estate with the National Housing Company (NHC), aims to establish a vibrant community combining residential, retail, and leisure spaces. With sustainability at its core, this development represents both an investment and an alignment with Saudi Arabia‘s Vision 2030 initiative, which seeks to increase homeownership rates across the Kingdom.
A Landmark Partnership
Hassan Allam Holding, alongside Tilal Real Estate, has officially cemented its strategic partnership with the NHC to bring this large-scale mixed-use community to life. This undertaking was announced during the Cityscape Saudi Arabia 2025 conference and is noteworthy as Hassan Allam Holding’s inaugural real estate venture in the Kingdom. Through its subsidiary, Grova Developments, the project will cover an extensive area of over 228,000 square meters, reflecting its substantial investment value of above SAR3.3 billion.
Promoting Sustainable Living
The innovative community design integrates residential units with retail and recreational facilities, focusing on sustainable urban living. This initiative proudly contributes to the Vision 2030 Housing Programme, which aspires to achieve a 70% homeownership rate in Saudi Arabia by the end of the decade, driven by public-private partnerships.
High-Profile Endorsements
The agreement was officially signed in the presence of His Excellency Majed bin Abdullah Al-Hogail, the Minister of Municipal and Rural Affairs and Housing, along with senior officials from Hassan Allam Holding, Tilal Real Estate, and NHC. Hassan Allam, the CEO of Hassan Allam Holding, stated, “This milestone reflects our confidence in Saudi Arabia’s dynamic real estate sector and our commitment to long-term investment in the Kingdom.” He emphasized the importance of this partnership in fostering communities that marry sustainable design with enduring value for residents.
Expert Insights on Khozam
Mohamed Allam, CEO of Hassan Allam Properties, characterized Khozam as “a unique destination in Riyadh’s evolving landscape.” He highlights that Grova Developments is dedicated to creating modern and sustainable locations that enhance urban lifestyles. Tilal Real Estate’s CEO, Abdulrahman Al-Bassam, praised the collaboration as a blending of local insight and regional expertise, stating it positions Khozam as “a model of what can be achieved when national vision meets private-sector innovation.”
Additionally, Mohamed Albuty, the CEO of NHC, remarked that this collaboration further advances the company’s strategy to draw foreign investments and incorporate international expertise into Saudi Arabia’s housing market. “Through this agreement, we are opening new horizons for international investors to redefine real estate development and elevate the housing experience,” he added.
The mixed-use development aligns with Riyadh’s broader objectives to foster sustainable neighborhoods that enhance livability, foster social cohesion, and spur economic growth. As Saudi real estate continues to evolve, this project signals a promising step toward a more integrated and sustainable urban future.