Time: April 18, 2019
UAE-based Binghatti Developers is planning to open sales offices in two cities in Saudi Arabia as it looks to court investment from the kingdom.
Muhammad Binghatti, CEO and head of architecture, told Construction Week that the company is eyeing the launch of an office each in Riyadh and Jeddah within two months.
Commenting on whether Binghatti Developers may also develop projects in the kingdom, the CEO said this was not in the pipeline “at the moment”, adding: “We’re focusing mainly on Dubai [at the moment]. But, in terms of our sales strategy, [Saudi] would be top of the list.
“There’s a lot of cash in Saudi; a lot of investors are looking for investable products. They are willing to deploy [capital], but it is an issue of providing the right product, pitch, and package.”
Binghatti is not alone in its optimism in the Saudi market.
Arada, the company behind Sharjah’s mega project Aljada, previously announced its plans to open an office in Riyadh in June which will be its first overseas office.