Riyadh, Saudi Arabia – 05 March 2024 – In a significant move that ushers in a new era of modern living, Rafal Real Estate Development Company, in collaboration with HIVE, the innovative Dubai-based living solution, announces their strategic partnership in the Saudi Arabian market. The announcement was coupled with a ground-breaking ceremony for the first project on King Salman Road in Riyadh, to be followed with a series of projects covering more than ten strategic locations across the Capital.

Rafal embodies a cutting-edge approach to real estate development, while HIVE brings innovative living solutions 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 rooted in the pillars of flexibility, community, and convenience, forming the cornerstone of Rafal and HIVE’s commitment to providing a living environment that seamlessly aligns with the contemporary aspirations and preferences of young professionals.

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.”

Leveraging the success in the UAE, HIVE is 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 Rafal Real Estate Development Company and HIVE 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.

About Rafal Real Estate Development Company:

RAFAL Real Estate Development Co. is a Riyadh-based real estate developer established in 2007. The Company has delivered a number of landmark projects marking the skyline of Riyadh, including the renowned Burj Rafal, and a number of award-winning hotels, gated communities, and mixed-use developments. The Gross Development Value of delivered projects by RAFAL in Riyadh exceeds SAR 12 billion today, including more than 3,500 homes, 2 million SQM of developed land, and other commercial mixed-use spaces.

About Hive Coliv:

Hive Coliv is the GCC’s first real estate developer exclusively focused on the development and management of ‘coliving’ communities. Offering a modern living solution designed to match the lifestyles and ambitions of young professionals by blending flexibility, affordability, convenience, and social connection, Hive is on a mission to deliver better living solutions for young professionals, giving them the freedom to focus on life.