Revolutionising Co-Living: SAR 2 Billion Housing Initiative Launched In Saudi Arabia

In a strategic move to revolutionise the housing sector in Saudi Arabia, Majd Investment, Sumou Global Investment (SGI), and Strategic Housing Group (SHG) have partnered to establish the Dedicated Housing Company (DHC).

With an inaugural fund of SAR 2 billion, DHC is set to spearhead the development of state-of-the-art co-living communities for professionals and students. Launching with over 5,000 beds, DHC has ambitious plans to expand its footprint to 20,000 beds across the Kingdom by 2030, catering to the evolving needs of young professionals and students.

At the heart of this venture is the introduction of two pioneering living concepts: URBN Living and The Myriad. URBN Living is designed to meet the preferences of working professionals, offering a blend of affordability, modern design, and communal living that emphasizes lifestyle, networking, and convenience.

On the other hand, The Myriad focuses on students, providing a balanced environment that integrates fully equipped living spaces with vibrant communal areas and a rich calendar of social events, all while respecting the cultural values of the Gulf region.

Vik Rao, group CEO of SHG, emphasises the uniqueness of their approach, stating, “We are not just building homes, we are creating places where people truly belong.”

He highlights how their offerings merge the comfort of residential living with the perks of hospitality, affordability, and community life, all tailored to the needs and expectations of the current generation. This innovative approach is set to redefine the standards of living in Saudi Arabia, aligning with the Kingdom's Vision 2030 objectives of enhancing quality of life and diversifying the economy.

Abdulrahman Bin Ayed Al-Qahtani, CEO of SGI, further underlines the significance of this partnership for the Kingdom, viewing it as a testament to Saudi Arabia's capability to attract international expertise and set new benchmarks for community development.

Similarly, Mahmood Al-Kooheji, CEO of Majd Investment, expresses confidence in the Saudi market’s growth potential and the project's alignment with economic and social objectives, highlighting the combination of sustainable design, world-class expertise, and strong returns as a formula for success.

The formation of DHC is not merely a business venture; it is a collaboration that leverages the distinct strengths of its founding partners. SGI and Majd Investment bring to the table their deep understanding of the local market, access to prime land, and the capability to deliver projects on a national scale.

SHG complements this with its specialised experience in developing and operating lifestyle-oriented co-living and student housing projects. This synergistic partnership is poised to drive the co-living sector in Saudi Arabia, offering innovative housing solutions that meet the demands of modern living.