First Avenue launches program to turn fees into landowner investments

Logo of First Avenue for Real Estate Development Co.

First Avenue for Real Estate Development Co. launched “Tanmia,” an innovative partnership program with landowners within Riyadh, in line with government initiatives to stimulate real estate development, according to a Tadawul statement.

The program aims to increase the supply of residential and commercial properties in the capital by transforming undeveloped land into integrated, high-impact projects that generate attractive yields.

The program aims to work hand in hand with landowners to convert the burden of annual fees into investment opportunities by establishing development partnerships. This approach helps enhance asset value and accelerates the transformation of idle land into fully developed real estate projects, whether residential, commercial, or educational.

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The company outlined four key pillars that underpin the "Tanmia" program.

The first pillar focuses on maximizing returns through idea generation and implementation of strategic models aimed at enhancing and growing asset value.

The second centers on offering diverse partnership models, such as joint ventures, creations of investment funds, direct development agreements, and flexible options including purchase, lease, or asset swaps.

The third pillar emphasizes governance and transparency through building institutional partnerships based on clarity and safeguarding the interests of all parties.

Lastly, the program aims at mitigating White Land fees by kickstarting development procedures.