https://arab.news/csg4t
RIYADH: 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.
Rasm 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.
Rasm 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.
The company also plans to establish a presence in Riyadh, the Eastern region, Makkah, and Madinah, he added.
Beyond real estate, Rasm is exploring partnerships with technology firms to enhance its offerings and differentiate itself in the property management sector.