Azad Properties eyes listing on Saudi market in 2027: CEO

Ayman Al Burti CEO of Azad Properties

Azad Properties plans to float and list its shares on the Saudi market in 2027, CEO Ayman Al Burti told Argaam. 

On the sidelines of the 2024 Retail Leaders Circle MENA Summit (RLC), Al Burti said Azad is currently working on an expansion strategy to complement the potential offering.

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The company seeks to ensure its projects achieve sustainable returns for investors once it goes public.

Azad already owns more than 17 commercial centers across the Kingdom, including Jeddah, Riyadh, Makkah, Taif, and Dammam. There are plans to further expand in the future, he added.

It also boasts a diversified real estate portfolio of commercial stores, offices, warehouses, car workshops, and other automotive activities.

Al Burti stressed that the occupancy rate in the company’s entire portfolio reached 92%, noting that Azad enjoys a competitive advantage of providing projects that meet the local merchants’ needs in an organized and professional manner. These projects are in great demand, he further stated.

The top executive expected 2024 to be a positive year for the real estate market, as demand for qualitative projects is on the rise. This is ought to the Kingdom’s renaissance and the great development in the quality of products offered to the market.

Azad carries out annual improvements to its previously built malls, some of which are more than 30 years old. This is to enhance visitor experience and boost the participation of merchants in this regard. Azad also applies these enhancements to its new centers, the CEO highlighted.