KSA: RAFAL Real Estate Development Company and Dubai-based operator HIVE, have formed a strategic partnership to introduce coliving to the Saudi Arabian market.
The partners held a ground-breaking ceremony for the first project on King Salman Road in Riyadh, to be followed with a series of projects covering more than ten strategic locations across the capital.
The partners say: “This collaborative effort between Rafal Real Estate Development Company and HIVE extends beyond a basic geographical expansion; it represents a significant move towards influencing the future of modern living in KSA. Together, they aim to set new standards and craft living spaces that align with the changing needs of individuals in Saudi Arabia.”
HIVE already operates coiling projects in the UAE. It offers living solutions which include the provision of flexible workspaces, a fully equipped “chef’s kitchen”, a dedicated listening room, a resident lounge, a pool, and fitness facilities.
Elias Abousamra, CEO of Rafal, said: “At RAFAL, our foundation is built on a culture of boldness, aspiration, and achievement. This essence not only defines our ethos but serves as the bedrock for our collaborative partnership with HIVE. Together, we embark on a journey to pioneer innovative living solutions, merging our strengths to create high-standard communities, services, and business practices that will redefine the landscape of modern living in Saudi Arabia and beyond.”
Bass Ackermann, CEO of HIVE, added: “This collaboration seamlessly merges HIVE’s innovative living concept with RAFAL’s local understanding to redefine contemporary living in Saudi Arabia. Beyond a business venture, it’s a merging of expertise, dedicated to shaping distinctive, community-centric living spaces that resonate with our residents’ unique aspirations.”
