Strategic partnership between Assas Company and King Salman International Airport
In a move reflecting the accelerated drive to enhance economic infrastructure in Saudi Arabia, Assas Company and King Salman International Airport signed a strategic memorandum of understanding aimed at establishing a joint framework for developing mixed-use real estate projects. This agreement aligns with the ambitious goals of the new airport project, one of the world's largest aviation projects.
Details of the agreement and its objectives
The memorandum of understanding signed by both parties focuses on exploring joint development opportunities and studying areas of strategic integration to create high-quality real estate projects in the airport's vicinity. This partnership aims to enhance the investment value of real estate assets, in line with the airport's master plan and real estate development strategy. The agreement also seeks to launch initiatives that contribute to improving the quality of services provided and creating an attractive investment environment for local and international companies.
King Salman International Airport: Riyadh's gateway to the world
This agreement cannot be viewed in isolation from the broader context of the King Salman International Airport , announced by His Royal Highness Prince Mohammed bin Salman, Crown Prince and Prime Minister. Spanning approximately 57 square kilometers, the airport is expected to become one of the world's largest, aiming for a passenger capacity of 120 million by 2030 and 185 million by 2050, in addition to increasing its air cargo capacity to 3.5 million tons.
Economic and developmental importance
This partnership gains its importance from the pivotal role that modern airports play as integrated cities (aerotropolises) that extend beyond air transport to include logistics zones, hotels, shopping centers, and residential complexes. This is where specialized real estate companies like "Usus" come in, contributing to translating this vision into tangible reality by developing projects that serve the business, tourism, and logistics sectors.
Supporting the goals of the Kingdom's Vision 2030
This agreement directly supports the goals of Saudi Vision 2030 , which aims to diversify the Kingdom's economic revenue streams and position Riyadh among the top 10 city economies globally. The airport project is expected to contribute approximately 27 billion riyals annually to the non-oil GDP and create over 100,000 direct and indirect jobs. The participation of the private sector, represented by real estate development companies, is a cornerstone for achieving these aspirations and building a sustainable and prosperous economy.
