Ewaan Global Residential Company

Background

Ewaan Global Residential Company, established in 2007, is a Saudi closed joint stock company specializing in real estate development. Headquartered in Jeddah, Saudi Arabia, Ewaan focuses on creating integrated residential communities that cater to the middle-income segment. The company's mission is to bridge the gap between the demand and supply of quality housing, aligning with Saudi Arabia's Vision 2030 to enhance the housing sector and improve the quality of life for its citizens.

Key Strategic Focus

Ewaan's strategic objectives include:

Affordable Housing Development: Providing high-quality, affordable residential units to meet the needs of the growing Saudi population.

Integrated Community Projects: Developing comprehensive residential communities equipped with essential amenities such as educational institutions, healthcare facilities, mosques, shopping centers, and sports clubs.

Geographical Expansion: Extending its development projects beyond Jeddah to other regions within Saudi Arabia, including Riyadh and the Eastern Province.

Financials and Funding

Ewaan Global Residential Company was founded with a capital of SAR 400 million. The company is backed by prominent institutions and investors, including the Islamic Corporation for Private Sector Development (an affiliate of the Islamic Development Bank), Al Numu Real Estate Development Company (a member of the SEDCO Group), the Public Pension Agency, and the International Bank for Development.

Pipeline Development

Ewaan has undertaken several significant projects:

Alfareeda Residential Project: Located in North Jeddah, this flagship development comprises over 2,000 residential units, along with educational and medical facilities, mosques, a shopping center, and a sports club. The project is being developed in phases, with the first three phases totaling 1,200 units sold out.

Almayaar Project: Adjacent to Alfareeda, Almayaar is designed to offer affordable residential apartments for small families, featuring increased green areas to promote a modern lifestyle.

Babak Housing Project: In collaboration with the Saudi Ministry of Housing, Ewaan signed an agreement to develop the Babak housing project in Jeddah, aiming to provide additional residential options for Saudi citizens.

Technological Platform and Innovation

Ewaan emphasizes the integration of modern infrastructure and sustainable practices in its developments. Notable technological initiatives include:

Power Infrastructure: Contracted ABB Saudi Arabia to build a 110/13.8 kV substation valued at SAR 63 million to supply power to the Alfareeda project.

Construction Partnerships: Engaged reputable contractors such as Ruwad Civil Construction (RCC) for the construction of 185 villas in phases 1 and 2 of the Alfareeda project, with contracts totaling SR 92 million.

Leadership Team

Chairman: Abdullah Bin Muhammad Ahmed Ashy

Background: Appointed in July 2016, Ashy brings over 13 years of experience in investment sectors, Islamic financing, and consulting. He has held positions at the Islamic Corporation for Private Sector Development, Ahly Commercial Bank, and Ernst & Young.

Chief Executive Officer: Eng. Fadi Qassim

Background: Appointed in August 2016, Qassim has over 22 years of experience in real estate development, business development, corporate and project management, investment banking, and real estate. He previously supervised numerous projects valued in the hundreds of millions of dollars during his tenure at the International Investment Bank in Bahrain.

Leadership Changes

Chairman Transition: In July 2016, Abdullah Ashy succeeded Anees Moumina as Chairman.

CEO Transition: In August 2016, Eng. Fadi Qassim succeeded Riyadh Al Thagafi as CEO.

Competitor Profile

Market Insights and Dynamics

Saudi Arabia's real estate market is experiencing significant growth, driven by the government's Vision 2030 initiatives aimed at increasing homeownership and improving housing quality. The demand for affordable housing remains high, presenting opportunities for developers focusing on the middle-income segment.

Competitor Analysis

Key competitors in the Saudi real estate development sector include:

Dar Al Arkan: A leading real estate developer known for large-scale residential and commercial projects across Saudi Arabia.

Jabal Omar Development Company: Specializes in developing mixed-use projects, particularly in the holy city of Mecca.

Saudi Real Estate Company (Al Akaria): Engages in residential and commercial real estate development, with a focus on Riyadh.

Strategic Collaborations and Partnerships

Ewaan has established significant partnerships to enhance its market position:

Ministry of Housing: Collaborated to develop the Babak housing project in Jeddah, aiming to provide additional residential options for Saudi citizens.