May 23, 2024

HIVE Expands Into Saudi Arabia With RREDC Partnership

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HIVE, recently announced its strategic expansion into the Saudi Arabian market through partnership with Rafal Real Estate Development Company
HIVE expands into Saudi Arabia alongside partnership with Rafal Real Estate Development Company-Image Credit-HIVE

In a significant move that ushers in a new era of modern living, HIVE, the innovative Dubai-based living solution, recently announced its strategic expansion into the Saudi Arabian market through a partnership with Rafal Real Estate Development Company (RREDC). 

Industry sources added that this joint venture not only marks a pivotal milestone in HIVE’s journey but also displays a commitment to redefining the residential landscape in the broader GCC region. The groundbreaking ceremony for HIVE Riyadh, scheduled for February 23rd, served as a testament to the importance of the event in HIVE’s ambitious expansion into the Saudi market. This project, a distinguished 200-key apartment building situated on King Salman Bin Abdulaziz Road, marked the inaugural step in HIVE’s exciting venture in Saudi Arabia.

From L To R-Elias Abousamra, CEO of Rafal Real Estate Development Company And Bass Ackermann, CEO of HIVE

Elias Abousamra, CEO of Rafal, articulates a shared vision, stating, “At RAFAL, our foundation is built on a culture of boldness, aspiration, and achievement. This essence not only defines our ethos but serves as the bedrock for our collaborative partnership with HIVE. Together, we embark on a journey to pioneer innovative living solutions, merging our strengths to create high-standard communities, services, and business practices that will redefine the landscape of modern living in Saudi Arabia and beyond.”

Bass Ackermann, CEO of HIVE, expressed his excitement for the strategic alliance with Rafal Real Estate Development Company in its expansion into Saudi Arabia. He states, “This collaboration seamlessly merges HIVE’s innovative living concept with RAFAL’s local understanding to redefine contemporary living in Saudi Arabia. Beyond a business venture, it’s a merging of expertise, dedicated to shaping distinctive, community-centric living spaces that resonate with our residents’ unique aspirations.”

Ackermann extends gratitude to key stakeholders in Dubai, noting, “We’re proud to have the continued backing of ARM Holding, a founding partner of HIVE, supporting our vision for innovative living solutions. Their sustained investment and support reflect a shared commitment to redefining modern living standards.”

Industry sources further added that HIVE embodies a unique living solution tailored specifically for the dynamic lifestyle of young professionals. Designed to cater to the discerning needs of this demographic, HIVE offers more than just a residence – it delivers a comprehensive plug-and-play living experience.

This innovative concept is backed by the pillars of flexibility, community, and convenience, forming the base of HIVE’s commitment to providing a living environment that seamlessly aligns with the contemporary aspirations and preferences of young professionals.

Industry sources further added that leveraging the success in the UAE, HIVE is also introducing a proven co-living concept to Saudi Arabia. Recognizing the rising demographic of young professionals in the region, HIVE offers living solutions that prioritize the needs of this demographic. This includes the provision of flexible workspaces, a fully-equipped chef’s kitchen, a dedicated listening room, a comfortable resident lounge, an inviting pool, and state-of-the-art fitness facilities.

This collaborative effort between HIVE and Rafal Real Estate Development Company extends beyond a basic geographical expansion; it represents a significant move towards influencing the future of modern living in KSA. Together, they aim to set new standards and craft living spaces that align with the changing needs of individuals in Saudi Arabia.

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