First Avenue Real Estate Development

What First Avenue Real Estate Development does

First Avenue Real Estate Development (الجادة الأولى للتطوير العقاري) is a Riyadh-headquartered, closed Saudi joint-stock company founded in 2017 that invests in and develops residential and mixed-use real estate across Saudi Arabia. Its portfolio comprises 15 named, separately marketed projects concentrated in six Riyadh districts (Al-Huda, Al-Qirwan, Al-Diriyah, Al-Muhammadiyah, Al-Nakheel, Al-Malqa) and Jeddah's Al-Shati' district, delivered as off-plan townhouses, apartments, villas, and commercial towers/offices. The portfolio is distributed across four lifecycle stages: 4 sales-launched, 7 fully sold, 1 rental-launched, and 3 fully rented — providing a mix of development-cycle revenue and recurring rental income from completed assets.

The company's core technology is modern and sustainable construction methods combined with innovative development business models structured through investment funds and partnerships with local Saudi banks. It sells units directly to end-buyers via its corporate website (project map and "request interest" form) and its Riyadh headquarters, and it is expanding its land-supply channel through the September 2025 Tanmia (تنمية) program, which offers Riyadh white-land owners joint ventures, investment funds, direct development agreements, and purchase/lease/barter options. Since its September 2024 IPO on the Saudi Exchange's Nomu Parallel Market (8.01% float at SAR 6.00/share, 740.1% covered), the company has also accessed qualified-investor capital markets, with a subsequent 46.34% bonus-share capital increase in June 2026 raising stated capital from SAR 205M to SAR 300M.

Revenue is generated through (i) off-plan and completed real estate unit sales (residential and commercial), (ii) recurring rental income from completed commercial assets such as Jadah Al-A'mal tower and the Labayel commercial centers, and (iii) capital markets activity (IPO proceeds and bonus issues). Customer segments include individual/family residential buyers, commercial tenants in completed assets, qualified investors on the Nomu market, and — via Tanmia — Riyadh landowners of undeveloped plots. The company's primary institutional shareholder is Makkah Construction & Development Co., which acquired a 30.13% stake for SAR 340.9M in August 2024.

Name

First Avenue Real Estate Development

Legal name

First Avenue Real Estate Development Company (شركة الجادة الأولى للتطوير العقاري)

Website

https://the1stavenue.com.sa

Company type

Public

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

First Avenue Real Estate Development is a Riyadh-headquartered, Nomu-listed Saudi real estate developer founded in 2017, building a portfolio of 15 residential and mixed-use projects across Riyadh and Jeddah through off-plan sales, completed-asset rentals, and a 2025 white-land partnership program.

Ownership category

akta.pro rank

Product category

Real Estate Development

NAICS

New Housing For-Sale Builders (236117), Land Subdivision (237210), Residential Building Construction (2361), Real Estate Property Managers (53131)

SIC

Land Subdividers & Developers (No Cemeteries) (6552), Operative Builders (1531), Real Estate Dealers (For Their Own Account) (6532)

akta.pro primary industry

Residential Land Development & Subdivision Homebuilding (Build-to-Sell Communities) (IMAFABAL)

akta.pro secondary industries

New Construction & Builder Sales (BPAJAAAB), Real Estate Development Asset Management (Project/Construction-to-Stabilization) (BPAJAMAL), New Development & Project Marketing (Pre-Construction Sales) (FSAEAJAE)

Keywords

• Real estate development
• Residential property development
• Commercial real estate
• Off-plan property sales
• Landowner partnership programs

Headquarters

HQ city

Riyadh

HQ country

Saudi Arabia

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Real estate development sales (off-plan and completed): Primary revenue stream from sale of residential units (townhouses, apartments, villas) and commercial units (offices, retail) — including off-plan ("on-map"/بيع على الخارطة) sales as well as fully sold and fully rented assets across Riyadh and Jeddah.
2. Rental income: Recurring rental revenue from completed and leased commercial assets such as Jadah Al-A'mal (Al Qirwan) tower and Labayel Sharqi / Labayel Gharbi commercial centers in Jeddah (status: fully rented).
3. Capital markets / equity financing: Equity raised via capital increases (46.34% bonus issue from SAR 205M to SAR 300M in June 2026) and the 2024 IPO on Nomu — supports funding of real estate development pipeline.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

First Avenue Real Estate Development plans, builds, and sells residential and commercial real estate projects across Riyadh and Jeddah, including off-plan (on-map) townhouses, apartments, villas, office towers, and retail centers, and generates recurring rental income from fully leased commercial assets. The company also operates the Tanmia partnership program that converts undeveloped Riyadh land into integrated residential, commercial, and educational developments through joint ventures, investment funds, and contractual arrangements with landowners.

Product overview

First Avenue Real Estate Development is a Riyadh-headquartered, single-line real estate investment and development firm rather than a multi-product software platform. Its offering is a portfolio of 15 named, separately marketed real estate projects across Saudi Arabia, comprising residential developments — Jaddat Al-Huda (townhouses/villas in Al-Huda, off-plan), Laperal Residential (apartments/townhouses/villas in Al-Nakheel), Jaddat Al-Muhammadiyah (apartments/townhouses/offices in Al-Muhammadiyah), Jaddat Al-Diriyah, and Malqa Najd 2 (apartments in Al-Malqa, fully sold) — and commercial/mixed-use developments such as Jaddat Al-A'mal Al-Qirwan (office tower in Al-Qirwan), Laperal Al-Sharqi (offices/retail/commercial center in Jeddah's Al-Shati), and Laperal Al-Gharbi (fully leased). Complementing the development portfolio, the Tanmia Program is a partnership-service offering for white-land owners in Riyadh, providing joint-development, fund, and contractual structures to bring new land into the company's pipeline of integrated residential, commercial, and educational projects.

Differentiator

Problem solved

Functional benefit

Brands

• Jadet Al Hada (جادة الهدا): Off-plan residential project of townhouses and villas located in Al Hada, Riyadh.
• Jadet Al A'mal (جادة الأعمال) – Al Qirawan
• Jadet Al Diriyah (جادة الدرعية)
• Jadet Al Muhammadiyah (جادة المحمدية)
• Lapierl Residential (لابيرل السكني)
• Lapierl Al Sharqi (لابيرل الشرقي)
• Lapierl Al Gharbi (لابيرل الغربي)
• Malqa Najd 2 (ملقا نجد 2)

Products and services

• Jaddat Al-Huda (جادة الهدا) Off-plan residential project located in Al-Huda, Riyadh, comprising townhouses and villas, marketed as one of the company's latest sales-launched developments.
• Jaddat Al-A'mal Al-Qirwan (جادة الاعمال (القيروان)) Mixed-use commercial project in Al-Qirwan, Riyadh, consisting of a tower with offices and floors, with leasing commenced.
• Jaddat Al-Diriyah (جادة الدرعية) Residential project of townhouses and villas located in the Diriyah district of Riyadh, listed among the company's latest developments.
• Laperal Residential (لابيرل السكني) Residential project in Al-Nakheel, Riyadh, comprising apartments, townhouses, and villas, currently in the sales phase.
• Jaddat Al-Muhammadiyah (جادة المحمدية) Mixed-use project in Al-Muhammadiyah, Riyadh, comprising apartments, townhouses, and offices, currently in the sales phase.
• Laperal Al-Sharqi (لابيرل الشرقي) Commercial project in Al-Shati, Jeddah, comprising offices, retail shops, and a commercial center, fully leased.
• Laperal Al-Gharbi (لابيرل الغربي) Laperal-branded commercial project listed in the company's portfolio as fully leased.
• Malqa Najd 2 (ملقا نجد 2) Residential project in Al-Malqa, Riyadh, comprising apartments, fully sold.
• Tanmia Program (برنامج تنمية) Partnership program for white-land owners within Riyadh, offering joint project creation, investment fund formation, direct development agreements, and purchase, lease, or exchange options to convert undeveloped land into integrated residential, commercial, or educational projects.

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Forvis Mazars — Professional ConsultantscoreImplementation/ SI/ Consulting Partner · 16 June 2026Appointed as external auditor for First Avenue for fiscal year 2026 and Q1 2027 at fees of SAR 440,000 (excluding VAT). Approved at the Ninth Extraordinary General Assembly Meeting on 16 June 2026.
• Royal Commission for Makkah City and Holy Sites (الهيئة الملكية لمدينة مكة المكرمة والمشاعر المقدسة)minorOthers · 1 June 2026The Royal Commission for Makkah City and Holy Sites awarded six real estate development deals totaling SAR 13.3bn ($3.5bn) across 2.7 million square metres of land in Makkah, structured as closed-ended real estate investment funds under Capital Market Authority oversight. First Avenue is mentioned as part of the regional developer landscape for these projects (contract signings expected by June 2026).
• Tanmia Program landowners (white-land owners in Riyadh)coreStrategic or Co-development Partner · 3 September 2025The "Tanmia" (تنمية) program, launched 3 September 2025, is a partnership framework with Riyadh-based landowners of undeveloped (white-land) plots offering multiple partnership models: joint projects, investment funds, direct development agreements, purchase, lease, or barter — designed to convert underutilized land into integrated residential, commercial, or educational developments while mitigating annual white-land fees.
• Al-Majdia Group / Dar Al-Majid Real Estate (مجموعة الماجدية / شركة دار الماجد العقارية)coreStrategic or Co-development Partner · 17 December 2022Board member Abdulrahman Al-Majid serves as CEO of Al-Majdia Group, an existing shareholder (via Dar Al-Majid Real Estate) that participated in the 30.13% share-sale transaction to Mecca Construction & Development in August 2024. The group has a strategic interest in horizontal expansion across real-estate verticals.

Scale indicators9 records

Recent moves9 records

Expansion highlights5 records

Broad incumbents

• Dar Al Arkan Real Estate Development: One of Saudi Arabia's largest listed real estate developers, operating across residential, commercial, and mixed-use developments nationally. Comparable to First Avenue in off-plan residential and mixed-use product lines, but operates at a significantly larger scale and broader geographic footprint.
• ROSHN: A major Saudi residential developer (PIF-backed) building integrated master-planned communities across Saudi cities. Comparable in residential townhouse/villa product focus and off-plan sales motion, but operates at substantially larger scale with government backing.
• Emaar Properties: UAE-headquartered regional real estate giant operating integrated master-planned communities across the Middle East. Comparable in mixed-use community development and off-plan sales model; serves as a benchmark for Saudi developers scaling regional platforms.
• Aldar Properties: UAE listed developer and asset manager of residential, commercial, retail, and education real estate. Comparable in end-to-end development-to-leasing business model and recurring rental income strategy across mixed-use projects.

Direct peers

• Mecca Construction and Development Company (Makkah Construction): Saudi listed developer of residential, commercial, and hospitality real estate primarily in Makkah and surrounding holy sites. Direct comparable in product mix (residential and commercial) and Saudi market focus; First Avenue's 30.13% strategic shareholder.
• Jabal Omar Development Company: Saudi listed developer focused on large-scale mixed-use and hospitality real estate in Makkah. Comparable in mixed-use tower development and commercial leasing operations, though concentrated in Makkah rather than Riyadh.
• Saudi Real Estate Company (SRECO/Al Akaria): Long-established Saudi listed real estate developer and lessor focused on residential and commercial developments in Riyadh and other major cities. Comparable in product mix (residential + commercial + rentals) and Riyadh geographic focus.
• Knowledge Economic City (KAEC/ECPC): Saudi listed developer of integrated mixed-use real estate master plans with off-plan sales components. Comparable in mixed-use development and Saudi off-plan sales motion, though focused on a single master-planned city.
• Retal Urban Development Company: Saudi listed residential and mixed-use developer headquartered in Riyadh, active across multiple Saudi cities with off-plan apartment and villa offerings. Closest direct comparable in mid-scale Saudi residential off-plan development model.
• Emaar The Economic City (EEC): Saudi listed master developer of King Abdullah Economic City with residential, commercial, and industrial real estate. Comparable in Saudi off-plan residential development and mixed-use positioning.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds6 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about First Avenue Real Estate Development