PARAGON Developments launches Saudi Arabia office in Riyadh, strengthening regional footprint across MENA

Cairo - PARAGON Developments, Egypt's leading regenerative mixed-use developer, announces the opening of its first regional office in Saudi Arabia in Riyadh. This strategic expansion reflects PARAGON's commitment to exporting its expertise while supporting local communities and cultures through human-centric design, enhanced well-being, and high environmental performance.
The announcement coincides with PARAGON's participation in the Nile Expo Real Estate Exhibition, one of the region's premier events, further reinforcing its commitment to meaningful collaboration within the real estate sector and the export of its regenerative development philosophy.
Saudi Arabia presents immense opportunities, with Vision 2030 driving strong demand for innovative, integrated real estate solutions and the development of modern economic cities. As the Kingdom cultivates mixed-use spaces and startup ecosystems, demand for high-performance, regenerative environments is rapidly growing. PARAGON's expansion aligns seamlessly with this transformation, bringing its expertise in human-centered, regenerative development to support these fast-growing urban centers and deliver interconnected ecosystems.
On this occasion Eng. Mohamed Bedeir Chairman of PARAGON Developments commented:
'At PARAGON, we bring over 35 years of integrated experience in real estate and design. 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. This expansion is a strategic milestone in supporting Saudi Arabia's transformation, and we're proud to contribute to Vision 2030 with future-ready, high-performance spaces.'
Eng. Bedeir Rizk, CEO of PARAGON Developments added: 'The Saudi market offers immense potential for regenerative, human-centered development, and our presence here reflects our commitment to sharing our expertise and fostering collaboration in evolving interconnected mixed-use spaces across the MENA region. 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. 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. The exhibition provides a valuable platform to connect with Saudi stakeholders, showcase our portfolio, and explore partnerships that align with our vision for mixed-use, future-ready spaces. Engaging with such a dynamic market through Nile Expo reinforces our commitment to collaboration and positions PARAGON as a key player in the Kingdom's evolving real estate landscape.'
This expansion underscores a strategic plan to identify growth opportunities across the Gulf countries and beyond Egypt. By consistently delivering future-ready, high-performance spaces built on the pillars of innovative design, vibrant community building, fostering innovation, and a commitment to sustainability.
About Paragon Developments:
Paragon Developments is a leading Egyptian developer with extensive experience and a proven track record of achievements. The company delivered its "Paragon 1" project in the Financial District of the New Administrative Capital, which will be up and running by 2025, with 80% of the project's sales coming from abroad, reflecting the company's strategic focus on attracting foreign investors and expatriates. Paragon has launched three projects in the Egyptian market with a total built-up area of 120,000 square meters, aiming to reach an underdevelopment area of 1 million square meters by 2025.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Khaleej Times

3 hours ago

• Khaleej Times

Ajman Department of Land and Real Estate Regulation and Ajman Bank sign strategic MoU

The Ajman Department of Land and Real Estate Regulation has signed a Memorandum of Understanding (MoU) with Ajman Bank, marking a new chapter of collaboration aimed at advancing financial integration and enhancing banking services through innovative and digital-first solutions. The agreement was signed by Eng. Omar bin Omair Al Muhairi, Director General of the Department of Land and Real Estate Regulation, and Mustafa Al Khalfawi, Chief Executive Officer of Ajman Bank. Commenting on the signing, Eng. Omar bin Omair Al Muhairi stated: 'This strategic partnership with Ajman Bank reflects our commitment to advancing the department's digital capabilities and streamlining financial performance. Ajman Bank plays a vital role in supporting our ongoing efforts to build an agile, tech-enabled regulatory environment that responds effectively to the needs of real estate developers and investors.' He further added that through this collaboration, the department will gain access to comprehensive, periodic reports on escrow accounts, enabling greater oversight of real estate development performance. The partnership also paves the way for more seamless financial transactions across stakeholder groups, reducing procedural complexity and delivering future-ready services grounded in speed, privacy, and operational excellence. Mustafa Al Khalfawi, CEO of Ajman Bank, commented: 'At Ajman Bank, we believe in the power of institutional collaboration to elevate the quality of financial services. This agreement reflects our shared vision of trust, integration, and efficiency, and supports Ajman's positioning as a competitive and investment-friendly emirate.' This partnership serves as a model for effective synergy between regulatory bodies and the financial sector, setting the stage for a more stable, transparent, and investor-centric real estate ecosystem in Ajman.

The National

3 hours ago

• The National

Israel-Iran war could slow Gulf investment inflow in 2025, warns World Bank regional chief

Foreign direct investment in the Gulf could slow in the second half of this year as the war between Iran and Israel dents investor sentiment, the World Bank 's director for the region has said. Investors will probably adopt a wait-and-see approach as the conflict that started with Israel's attacks on Iran's nuclear sites on June 12 worsens, Safaa El-Kogali told The National in Riyadh. 'Even if they've started [investing beforehand], they [foreign investors] might hold off until they see things settling down a bit,' she said on the sidelines of a World Bank seminar on Sunday. De-escalation does not seem likely after President Donald Trump ordered the first-ever direct US military attack on Iranian soil earlier that day. The US attacked three Iran nuclear facilities with six bunker-buster bombs and launched Tomahawk missiles. GCC countries had varied in their ability to attract FDI in 2024. The UAE received Dh167 billion ($45.5 billion) in foreign direct investment last year, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said in a post on X on Thursday. This represented a 48 per cent increase, he added. The UAE accounted for 37 per cent of the total foreign investment flows in the region, he said. Saudi Arabia's net FDI inflows in 2024 decreased as a share of GDP, amounting to 1.1 per cent compared to 2.1 per cent in 2023, according to a recent report by the World Bank. Bahrain, Kuwait, and Qatar saw FDI fall by 7.3 per cent, 2.3 per cent and 0.5 per cent of GDP respectively from 2023 to 2024, it added. Oman saw FDI increase by 2.4 per cent of GDP. This was due to 'prudent fiscal management and diversification efforts' the report said. What is the impact? No one can accurately measure the impact of the escalation on the regional economies, but peace is necessary for economic security and the implications will be broad, Ms El-Kogali said. 'Increasing costs of commodities, of shipments – this will impact a number of industries that import raw material', she said. The conflict will add to inflation, which will affect investors and consumers alike, she added. 'Whenever there is uncertainty … in any region, tourists usually decide not to go,' she said. Travel and tourism made up about 11.4 per cent of the region's gross domestic product in 2024, according to the latest data from the Statistical Centre for the Co-operation Council for the Arab Countries of the Gulf. Oil prices, which have surged since the beginning of the war, will also have an impact on the fiscal balance of Gulf countries that still rely heavily on oil as their primary source of revenue and exports, she said. Brent and WTI surged by as much as 13 per cent in the first few hours of trading after Israel began its military campaign against Tehran. Oil prices posted a third weekly gain in a row despite falling on Friday as the war sparked supply fears. On Friday, Brent, the benchmark for two thirds of the world's oil, fell 2.33 per cent to settle at $77.01 a barrel. West Texas Intermediate, the gauge that tracks US crude, closed 0.28 per cent lower at $74.93 a barrel. Who will feel it more? Gulf countries that have diversified away from oil, such as the UAE, are more likely to resist hits caused by global economic uncertainty, Ms El-Kogali said. This was a key message of the World Bank report, Smart Spending, Stronger Outcomes: Fiscal Policy for a Thriving GCC, released last week, that measured the growth of Gulf economies until June 1. 'I think this report is really timely, because it focuses on what the GCC countries have been doing, and what impact, or the effect, those policies that have been put in place [have had],' said Ms El-Kogali. 'The UAE has started the diversification agenda a while back and currently, with 74 per cent of GDP being from the non-oil sector, puts them in a stronger position. 'The more you diversify, the more you have different opportunities to deal with crises that come your way. When you put all your eggs in one bag, and something happens to that bag, then you're in greater trouble.' Proper investment Ms El-Kogali said that higher oil prices can benefit Gulf countries, depending on how revenue is spent in the non-oil sector. 'We think that as the non-oil sector continues to be strong and growing, with the easing off of the oil production cuts, that the countries of the GCC have good gross prospects in the short and medium term,' she said. 'We really expect growth to reach 4.5 per cent by 2026 driven by the oil and the non-oil.' It takes time to see the returns of investments she added. This growth is particularly important during period of geoeconomic uncertainty. However, 'there may be the risk of spillovers' of the war which will impact the growth trajectory of Gulf nations, she said. Gulf countries have been prudent in the past during crises and 'we saw that implementing fiscal spending during downturns had a positive impact', she said. There is room to do more to further streamline spending and the Gulf countries must prioritise investments that have high returns, and can create jobs during difficult times, that will then sustain growth through economic cycles, she added.

Zawya

4 hours ago

• Zawya

Saudia launches flights to Al Alamein and Salalah

Jeddah: Saudia, the national flag carrier of Saudi Arabia, has officially launched flights to Al Alamein in Egypt and Salalah in Oman. The new Al Alamein route marks Saudia's fourth destination in Egypt, which now operates three weekly flights from King Abdulaziz International Airport in Jeddah in each direction, in addition to three weekly flights from King Khalid International Airport in Riyadh. Saudia has also inaugurated flights from Jeddah to Salalah in Oman, marking the airline's second destination in the country following Muscat. The route operates with three weekly flights in each direction. Both new destinations are operated by Airbus A320 aircraft, renowned for their operational efficiency and onboard amenities, including comfortable seating and a wide range of in-flight entertainment options, designed to enhance the overall guest experience. Saudia continues this growth with a modern fleet of 147 aircraft and plans to add 118 more in the coming years. This expansion is complemented by innovative efforts to elevate guest experience, using advanced AI technologies and the latest developments in ground and in-flight services. -Ends- About Saudia: Saudia (Saudia Airlines) is the national flag carrier of the Kingdom of Saudi Arabia. Established in 1945, the company has grown to become one of the Middle East's largest airlines. Saudia has invested significantly in upgrading its aircraft and currently operates one of the youngest fleet, with 147 aircraft. The airline serves an extensive global route network covering around 100 destinations across four continents, including all 28 domestic airports in Saudi Arabia. A member of the International Air Transport Association (IATA) and the Arab Air Carriers Organization (AACO), Saudia has also been a member airline in SkyTeam, the second largest alliance, since 2012. Saudia was recently awarded the "World Class Airline 2025" for the fourth consecutive year at The APEX Official Airline Ratings™ awards. Saudia has also advanced 11 places in the Skytrax airlines ranking of the World Best Airlines 2023. The Airline also ranked top among global airlines for best on-time performance (OTP) according to a report by Cirium. For more information on Saudia, please visit