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RIYADH: Saudi energy company Rawabi Holding has announced diversifying into the real estate sector as it launched a new firm, Magnom Properties, to take up high-value projects in the Kingdom, Egypt, and the wider Middle East and North Africa region.

“Our venture into real estate will focus on creating dynamic environments and developments, which will cater to the rapidly evolving lifestyles, aspirations of businesses, industries, and future generations,” said Abdulaziz Al-Turki, group chairman of Rawabi Holding and chairman of Magnom Properties, in a press statement.  

The new firm which plans to undertake the construction of high-value commercial, residential and lifestyle projects has brought onboard American architects Adrian Smith and Gordon Gill of AS+GG Architecture.

Al Khobar-headquartered Rawabi Holding has interests in oil and gas, marine, industrial, contracting and manufacturing services, and its new real estate arm will look to capitalize on the growing demand for high-end and sustainable projects in the region.  

“As countries are focused on achieving their Net Zero goals, Magnom Properties aspires to be part of the solution on climate change,” said Magnom Properties CEO Maged Marie.

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