Paragon Developments launches office in Riyadh to expand regional footprint across MENA
Located in Riyadh, the development scheme aligns with the company's commitment to expand its footprint in the MENA region, while identifying growth opportunities across the Gulf countries and beyond Egypt.
The announcement coincides with Paragon's participation in the Nile Expo Real Estate Exhibition, reinforcing its commitment to fostering partnerships within the real estate sector.
Mohamed Bedeir, Chairman of Paragon Developments, commented: 'Building on the success of PARAGON 1, PARAGON 2, and PARAGON 3 in Egypt, and our distinctive approach to interconnected mixed-use developments, PARAGON is set to deliver 360,000 sqm of mixed-use facilities in Saudi Arabia.
'Our first regional office signifies a crucial step in our commitment to seamlessly blend lifestyle, culture, well-being, business, and hospitality,' Bedeir added.
Bedeir Rizk, CEO of Paragon Developments, stated: 'At PARAGON, we are planning to develop and manage 200,000 sqm of office space by 2027, with a target of 500,000 sqm by 2030 across key cities like Riyadh and Jeddah.'
He noted: 'This office expansion is more than just a growth milestone; it marks the beginning of a broader journey to actively contribute to a more holistic and regenerative future across the region as we also continue to explore opportunities in other dynamic markets.'
Ahmed Shaarawy, Commercial Vice President at Paragon Developments, commented: 'Our participation in Nile Expo in Saudi Arabia comes at a pivotal moment for PARAGON, as we establish our regional presence and introduce our regenerative development model to a broader Gulf audience.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
3 hours ago
- Khaleej Times
Dubai realty breaks records in Q2 despite cooling prices
Dubai's real estate sector delivered a record-breaking performance in the second quarter of 2025, with surging transaction volumes and resilient investor appetite, even as price growth showed signs of deceleration and affordability constraints began to surface. The market's dynamism was underpinned by strong off-plan sales, sustained demand for office and logistics space, and proactive government initiatives to boost homeownership. According to ValuStrat's Q2 research, property sales in Dubai hit new highs with nearly 37,000 off-plan transactions, averaging over Dh3.1 million per unit. Ready home sales also rose by 10.4 per cent from the previous quarter, registering 13,700 title deed transactions with an average price of Dh2.7 million. This momentum was particularly driven by robust activity in April and May. The ValuStrat Price Index (VPI) reflected continued but moderated capital appreciation. Apartment prices rose 19.1 per cent year-on-year, compared to 23.4 per cent in the same period last year. Villas saw a 28.7 per cent annual gain, also slower than the 33.4 per cent growth recorded in 2024. The VPI for apartments reached 188 points, and for villas, it climbed to 220 points — more than double the Q1 2021 baseline. Despite increasing supply, with 17,500 new homes completed in the first half and 66,596 units expected to be delivered in 2025, demand continues to outstrip supply in key segments. ValuStrat's head of real estate research, Haider Tuaima, noted that the elevated transaction activity highlights strong market confidence, though the impact of upcoming supply on pricing dynamics warrants close monitoring in the second half of the year. Rental growth, too, appears to be moderating. Apartment asking rents rose by 1.2 per cent quarterly and 7.2 per cent annually, with average annual rents at Dh95,500. Villa rents remained stable on a quarterly basis but were up 4.8 per cent year-on-year, averaging Dh428,000 annually. The overall VPI for residential rents rose by 1 per cent quarter-on-quarter and 6.2 per cent annually to reach 200.3 points. The office segment continued to show remarkable strength amid a supply-constrained environment. Capital values for office space rose 4.9 per cent quarter-on-quarter and 23.7 per cent year-on-year, compared to a 31.7 per cent annual rise in 2024. The banking, finance, and tech sectors are the major demand drivers. CBRE noted that average office rents in Dubai jumped more than 20 per cent year-on-year, with occupancy nearing full capacity in prime business districts. CBRE also reported a surge in residential transaction volumes, which climbed 23 per cent year-on-year in H1 2025. The total value of residential sales reached Dh270 billion. The launch of Dubai's First-Time Home Buyer Programme, which offers incentives such as flexible payment plans and preferential pricing, is expected to further encourage end-user demand and widen homeownership in the emirate. In terms of economic context, the UAE's GDP is forecast to grow 5.1 per cent in 2025, up from 3.8 per cent in 2024. This economic expansion is backed by recovering oil output, strong non-oil sector performance, and a resilient tourism sector. Dubai saw a 7 per cent year-on-year rise in international visitors between January and May, reinforcing the strength of the hospitality and retail segments. The industrial and logistics market is also flourishing. ValuStrat reported 16.2 per cent annual and 4.1 per cent quarterly capital gains for logistics warehouses, driven by sustained demand and high occupancy rates. CBRE added that strong rental growth and landlord-favorable market conditions are attracting heightened investor interest in Grade A industrial assets, signaling potential for more liquidity and development in the sector. In Abu Dhabi, the property market is showing parallel momentum. Apartment values rose by 18 per cent year-on-year, while villa prices gained nearly 14 per cent. The capital's office market is also seeing increased traction from international corporates, with occupancy and rents on the rise. Matthew Green, head of research for Mena at CBRE, attributed the UAE's real estate resilience to its diversified economy and progressive policy frameworks. 'The country continues to attract high-net-worth individuals, bolster foreign direct investment, and lead in innovation — all of which reinforce demand across residential, commercial, and industrial segments,' he said. Real estate market experts believe that with strategic government initiatives, strong demographic and investor fundamentals, and a proactive approach to urban development, Dubai's real estate market is poised to sustain its momentum through the remainder of 2025 — even as it gradually transitions from breakneck growth to more sustainable long-term expansion.
Zawya
5 hours ago
- Zawya
Fam named master agency for Phase 1 of $16bln Dubai wellness project
UAE-based fäm Properties has announced that it has been appointed as the exclusive master agency for Phase One of the AED60 billion ($16.3 billion) Keturah Ardh, Dubai's first heritage-wellness integrated luxury community. Located in the Al Rowaiyah First District, the groundbreaking project from Dubai master developer MAG Group authentically combines traditional Arabic architectural principles with comprehensive modern wellness innovation. True to its name Ardh (meaning earth in Arabic), it reflects its strong ties to culture and nature. The wider master plan offers a new vision for luxury living, combining Arabic heritage with advanced wellness to create a self-contained lifestyle community unlike anything else in Dubai, it stated. According to fäm Properties, the first phase introduces a rare opportunity for investors and end-users to buy residential plots with permits to build luxury townhouses, a category of property that has become one of the most scarce and sought-after asset classes in Dubai's luxury market today. Including 93 well-planned clusters and 558 luxury townhouse plots, Phase One is being brought to market with attractive payment plans. fäm Properties officially launches the project to brokers at an official briefing event at the Madinat Jumeirah Johara Ballroom tomorrow morning (July 23). On the appointment, CEO Firas Al Msaddi said: 'We're excited to team up with MAG Group on such a distinctive project. Keturah Ardh is a great fit for our expertise in off-plan sales, land advisory, and creating flexible payment solutions that meet the needs of today's buyers.' 'This isn't a typical real estate launch, and it isn't a typical product. We're introducing Dubai's most exclusive heritage-wellness opportunity: freehold plots with luxury townhouse permits, ready for those who want to build, design, and invest in generational value while honouring authentic Arabic cultural heritage,' he explained. 'Genuine heritage-wellness integration is limited, and plots for luxury townhouses in such communities are by far the most in-demand, hardest-to-find asset in the market today. For the last four years, this segment has been leading in both performance and investor interest,' he added. The Keturah Ardh project reflects MAG Group's 45-year commitment to excellence and innovation, with a focus on Arabic design and premium wellness amenities, including spa and sauna, yoga and pilates, running and cycling tracks and green areas. Mature landscaping features trees from Italy, Spain, Thailand, and Africa, all within a masterplanned community focused on long-term value creation, it stated.-TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Zawya
5 hours ago
- Zawya
Saudi Arabia allows special travel permits for business visits to Syria
RIYADH — The Saudi Embassy in Damascus has announced the introduction of special travel permits for businesspeople and investors from both Saudi Arabia and Syria, paving the way for renewed economic engagement and investment exploration between the two countries. The move marks a notable shift in bilateral economic relations, following Saudi Arabia's 2015 decision to ban travel to Syria due to deteriorating security and political conditions at the time. This latest development coincides with the visit of a Saudi business delegation to Syria over the past two days, where they met with Syrian President Ahmad Al-Shar' and other senior officials. The permits are expected to facilitate broader investment cooperation amid warming diplomatic ties and the ongoing normalization of official relations between Riyadh and Damascus. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
