Saudi real estate developer ROSHN Group and Talaat Moustafa Group Saudi (TMG) have signed a preliminary agreement to form a joint company. The new entity will evaluate and manage the phased development of a large-scale mixed-use project in Riyadh. Under the terms of the agreement, TMG Saudi will own a 51% majority stake in the venture, while ROSHN Group will retain the remaining 49% share.

Preliminary studies suggest the planned development will comprise more than 55,000 residential units. The masterplan centres on a residential-led community supported by commercial spaces, retail outlets, hospitality venues, and leisure spaces. The site will also incorporate schools, medical facilities, public parks, and communal green areas.

Naaman Atallah, Group Chief Executive Officer of ROSHN Group, said: “ROSHN Group is committed to unlocking the potential of its strategic land bank through partnerships with leading developers that share our ambition for creating exceptional destinations. We are pleased to explore this opportunity with TMG Saudi and assess how our combined expertise can contribute to the development of a world-class mixed-use project that enriches quality of life and supports the objectives of Saudi Vision 2030.”

The project relies on drawing from the extensive land bank held by ROSHN Group, paired with the experience of TMG Saudi in delivering expansive urban destinations. Both organisations plan to execute detailed master planning and business case assessments as part of the initial phase.

Ahmed Hani Talaat Moustafa, Chief Executive Officer and Managing Director of Talaat Moustafa Group Saudi, said: “Saudi Arabia offers an exceptional environment for urban development, and we value the opportunity to explore this project with ROSHN Group. We will now work with our partners to assess how our experience in building integrated communities contributes to supporting the urban transformation underway across the Kingdom.”

The collaboration aims to unlock further investment opportunities across the residential, commercial, hospitality, and retail sectors in the Kingdom. By pooling local market knowledge with international development expertise, the two companies intend to support the ongoing urban expansion of Riyadh.