Russia’s Biggest Real Estate Company Considers Saudi Arabia Projects

The largest real estate and homebuilder company in Russia, PIK Group, could launch construction projects in Saudi Arabia next year, the head of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev told reporters on Thursday, according to TASS.

“We are now actively supporting the activities of the PIK group. We believe that already next year the group may launch projects in Saudi Arabia,” Dmitriev said.

Earlier, the RDIF head told reporters that the fund was discussing with the PIK Group of companies the possibility of building a plant in Saudi Arabia, as well as the developer’s involvement in the construction program in that country.

The RDIF CEO praised PIK Group’s “efficient and quick performance”. 

“There are very many breakthrough examples of technological construction in Russia, including those of the PIK Group. It is a high-tech constructor, this is a company that is, perhaps, rather a technological operator than a constructor, it can produce objects very quickly and efficiently,” Dmitriev said late last month.

PIK is the largest Russian developer implementing comprehensive projects in ten regions of Russia with a focus on Moscow and the Moscow Region. PIK has been operating on the market since 1994 and specializes in the construction of comfort-class housing. 

By a decision of the Russian government, PIK Group of Companies was included in the list of backbone enterprises of the Russian economy. According to the Unified Register of Developers, the company is the largest Russian developer in terms of current construction volumes.

Billionaire Sergey Gordeev owns 59% of the company’s shares, VTB Bank – 23%, while another 18% of the shares are in free float.