Saudi Pension Agency’s property arm commences operations

Raza, the real estate management arm of Saudi Public Pension Agency (PPA) and a subsidiary of Al Ra’idah Investment Company (RIC), announced the launch of operations in the Kingdom.

Previously known as Al Ra’idah, the company under its new identity has established an integrated real estate management platform to focus beyond property development to offer asset management, property management and commercial services.

Raza currently manages total assets under management (AUM) of approximately SAR 13 billion covering 2 million square meters (sqm) of office, mixed-use and community developments in Riyadh, Jeddah and Dammam.

The company is currently completing a development pipeline of 4,600 residential units in Digital City and Jeddah Obhur.

 “As we are preparing to launch a new phase of our growth journey, our road to success is built on developing local talent, technology innovation, and a renewed focus on customers. If we achieve these goals, we will deliver higher returns for our owners and reduce the cost-ratio of our operations,” Waleed Aleisa, CEO of Raza, said.

Raza also charts out a five-year growth strategy wherein placemaking and developing integrated communities act as critical growth catalysts in doubling its portfolio to nearly SAR 26 billion in AUM by 2024.

As part of the growth strategy, Raza has also launched a digital transformation program to deliver improved operational efficiency and customer experience.