Prime Highlights:
Rasm, a Saudi property management firm, is exploring potential global partnerships to strengthen its market presence and drive growth in the Kingdom’s real estate sector.
CEO Artin Malatjalian revealed that Rasm is in discussions with three major international players in the property sector, with announcements expected later in 2025.
Key Background:
Saudi Arabia’s property management company, Rasm, is actively exploring global partnerships as part of its growth strategy within the Kingdom’s burgeoning real estate sector. The firm, which specializes in regional malls, community centers, and mixed-use developments, aims to strengthen its market position by collaborating with international players in the same industry. Artin Malatjalian, CEO of Rasm, shared the company’s plans in an interview with Arab News, revealing that while discussions are ongoing with potential partners, no specific names have been disclosed. Rasm is expected to announce details of these partnerships later this year.
The company’s exploration of international collaborations comes at a time when Saudi Arabia’s real estate market is experiencing substantial growth. The sector is projected to reach a market value of $101.62 billion by 2029, with a compound annual growth rate of 8 percent from 2024. Rasm’s efforts to form global alliances align with the rapid expansion of the Kingdom’s property sector.
Malatjalian emphasized the importance of collaboration with global players, stating that Rasm’s ability to scale will depend on its partnerships with international service providers. He indicated that the company plans to announce new alliances by the second half of 2025, which will be integral to its strategic growth.
In addition to international partnerships, Rasm is focused on expanding its domestic operations. The company currently manages the Red Sea Mall in Jeddah and is overseeing the development of The Point in Abha. With plans to expand its presence in Riyadh, Makkah, Madinah, and the Eastern region, Rasm is positioning itself for long-term growth. Looking ahead, Malatjalian outlined Rasm’s goal of eventually going public, with an anticipated timeline of three to five years before the company may file for an initial public offering (IPO). In the short term, Rasm is focusing on attracting top talent, with its senior leadership team expected to be fully operational by June 2025. Additionally, the firm is exploring collaborations with technology companies to differentiate itself within the competitive property management market.
