KSA: Saudi Arabia’s Arbah Capital and UAE-based Strategic Housing Group (SHG) have created a joint venture to develop and roll out a coliving brand called Innov8.
The model offers flexibility for short-term visitors and longer-term residents with various choices of lease options and services offered.
Properties will offer well-equipped private rooms and studios, as well as shared facilities such as F&B outlets, common kitchen lounges, self-service and serviced laundry facilities, coworking, social and entertainment spaces, interactive fitness amenities, minimarts and more.
Innov8 aims to expand regionally and internationally, in the vicinity of working districts, including technology hubs, financial and commercial centres, medical precincts, airports, and industrial zones.
The first properties in the pipeline are in Dubai and Riyadh, the partners are aiming for a $500 million portfolio.
The launch of the chain is aligned with regional government initiatives, particularly in the UAE and KSA, which drive nationalisation employment agendas and address rising youth challenges.
Arbah’s principal activities include asset management, real estate investment, private equity, corporate finance, wealth management, brokerage, custody, and advisory services. The firm delivers investment solutions to a broad range of investors including institutions, high net worth individuals, and family offices.
“I am pleased to work together on this first of its kind real estate development with the experts of the region,” said Mahmood Yousif Al-Kooheji, CEO of Arbah Capital, while visiting the SHG head office at the Dubai International Financial Centre.
SHG is a specialised housing developer, and operator of The Myriad brand, the first fully integrated student coliving communities of the Middle East region.
The firm is in a joint venture with Asset Living, the United States’ largest third-party manager of student housing with more than 160,000 beds under management. SHG has developed and is currently operating properties in the UAE, Oman, and South Africa.
“We are honoured to start this project in today’s fast paced market with the specialists of the region, especially when it comes to real estate development and technology driven product roll-out,” said Vik Rao, the CEO of SHG.
