Arab News
Arab News, Thu, Feb 06, 2025 | Shaaban 7, 1446
Saudi property firm RASM eyes global partnerships, CEO says
Saudi Arabia:
Saudi property management firm RASM is
exploring international partnerships as part of its strategy to strengthen its
market position and drive growth in the Kingdom’s expanding real estate sector,
said a top official.
In an interview with Arab News, Artin Malatjalian,
CEO of the newly launched firm, shared that RASM is considering working
with companies in the same field and may announce details later this year,
although he refrained from revealing any names.
The firm specializes in regional malls, community
centers, and mixed-use developments, with a focus on meeting the needs of
investors, owners, and retailers.
The launch of RASM highlights the growth of Saudi
Arabia’s real estate sector, which is expected to reach a market value of
$101.62 billion by 2029, with a compound annual growth rate of 8 percent from
2024.
“We are contemplating the idea of partnering with
an international player in the same field. I will not mention the names, but we
are considering three major ones on a global scale” said Malatjalian, adding
that “this will take us to the next level.”
The CEO emphasizing his company’s speed, market
presence, and dynamic decision-making, but pointed out that the firm could not
be a “center of excellence” without international collaborations.
“I would reckon that sometime by the second half
of this year, we can start announcing new alliances with all of those
international service providers,” said Malatjalian.
Sharing that the company’s long-term goal is to go
public, the CEO said, “It will take us three to five years to reach a stage
where we can start looking at filing for an IPO in the market.”
However, in the short term, RASM is focused on
attracting top talent, with its senior-level team expected to be fully
operational by June.
The firm is already managing Red Sea Mall in
Jeddah and is overseeing the development of The Point, a new project in Abha
that is currently under construction.
RASM also plans to establish a presence in
Riyadh, the Eastern region, Makkah, and Madinah, he added.
Beyond real estate, the company is exploring
partnerships with technology firms to enhance its offerings and differentiate
itself in the property management sector.