Ladun aims to develop 2-5M sqm in Riyadh, file for TASI transition before year end

Over the past three years, Ladun developed more than 3.5 million square meters including 2.8 million sqm in Makkah, and one million sqm in Riyadh, he said.

The company’s three-pillar strategy covers residential development, hospitality projects, and land development—the pillars that have driven the company’s expansion in recent years.

The white land fees system aims to combat monopolistic practices in the real estate sector, Alhazmi said, noting that the company’s projects are exempt from these fees as they are designated for actual development. This aligns with the real estate balance program and contributes to providing competitively priced units into the market.

Ladun runs a total project portfolio exceeding SAR 7 billion, including contracting as well as off-plan projects, and projects under execution with both government and private sectors. Meanwhile, the value of contracts currently under execution ranges between SAR 2 billion and SAR 3 billion with both government and private sector entities.

Ladun is focusing on investments in a number of attractive real estate opportunities and funds in Riyadh, and is holding talks to expand presence in major projects including Diriyah Gate, New Murabba, and Jeddah Downtown, in addition to working on high-quality projects with the Royal Commission for Makkah City and Holy Sites as part of informal-area redevelopment plans.

Ladun reported a revenue increase from SAR 205 million in 2019 to over SAR 1.5 billion at the end of 2024, Alhazmi noted, expecting continued revenue growth and improved profit margins going forward.

Additionally, Ladun’s projects are carried out through its subsidiaries, which undertake infrastructure, construction, operations, and maintenance activities.

The company also owns factories for aluminum works, doors, construction technologies, elevators, and fire systems, enabling stronger operational integration and better control over quality and costs. Subsidiaries execute between 30% and 50% of their work within the group, with the remainder is carried out by private sector, contractors, and entities affiliated to the Public Investment Fund (PIF).

Ladun established itself as a leading market player in the off-plan sales sector, while implementing the three pillars of off-plan sales in Riyadh and Makkah. This boosted investor confidence and accelerated development timelines.

The off-plan sales previously constituted nearly 30% of residential product transactions in Riyadh before new regulations were issued, Alhazmi said, expecting it to rise to 50% due to strong demand, competitive pricing, market maturity, and improved developer commitment to delivery timelines.

Further, he said, Ladun will likely file for the transition to the Main Market before year-end, as the company completed its financial and administrative reviews.