In a significant move that ushers in a new era of modern living, HIVE, the innovative Dubai-based living solution, announces its strategic expansion into the Saudi Arabian market through a partnership with Rafal Real Estate Development Company. This venture not only marks a pivotal milestone in HIVE's journey but also signifies 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 flagship project, a distinguished 200-key apartment building situated on King Salman Bin Abdulaziz Road, symbolized the inaugural step in HIVE's exciting venture in Saudi Arabia.

HIVE embodies a cutting-edge 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 rooted in the pillars of flexibility, community, and convenience, forming the cornerstone of 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."

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."

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 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.

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.

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 A.R.M. Holding

A.R.M. Holding is a multi-focused economic enabler that creates synergies and opportunities through local, regional and global investments. At the core of the company’s business strategy is its commitment to social responsibility. A.R.M. actively employs its resources to advance society and empower its players to pursue innovative solutions and inspire a better future. A.R.M. collaborates with like-minded organizations and leverages its network and partnerships to create meaningful relationships and create growth opportunities. It holds equity stakes in some of Dubai’s foremost companies in a variety of economic sectors including Banking, Telecom, FMCG, Real Estate, and Hospitality. Investing in Real Estate since 1976, A.R.M. has contributed to society with significant investments in numerous industries and versatile projects across the region and internationally.