Mandate II · Residential real estate

Hilton Branded Residences in the Kingdom's two highest-conviction addresses.

OCTO Funds' residential mandate deploys institutional capital into branded residential development in Saudi Arabia, alongside OSUS Real Estate in Riyadh and KEC in Al-Madinah. Two Hilton Branded Residences projects, one thesis: structural housing undersupply meeting the Kingdom's first wave of regulated foreign ownership.

01 Hilton Riyadh Riyadh · OSUS · The Eye 02 Hilton Madinah Al-Madinah · KEC · Multaqa

Developed with

OSUS

II / 02 Hilton Branded Residences Riyadh · Al-Madinah · 2027 Residential

Hilton Branded Residences · Riyadh

A branded residential tower inside OSUS's The Eye.

OCTO's Riyadh position is the Hilton Branded Residences tower within The Eye, a mixed-use development by OSUS Real Estate in the Al-Nada district. A separate Hilton hotel sits in the same project. The investment targets Riyadh's branded residential segment, where demand structurally outruns a thin pipeline.

DeveloperOSUS Real Estate

LocationAl-Nada, Riyadh

BrandHilton Branded Residences

Completion30.12.2027

The Riyadh market

A capital growing by 2.6 million people this decade.

Riyadh's population is forecast to rise from 7.0 million in 2022 to 9.6 million by 2030, a 4.1% compound annual rate. That trajectory, set against a thin branded pipeline, frames the demand case for the project.

Riyadh population growth

2022 to 2030F · millions of residents

Total population

Source: Knight Frank · The Saudi Report 2025

Composition by 2030

9.6M residents · nationals and expatriates

Saudi nationals Expatriates

Source: Knight Frank · The Saudi Report 2025

63,000

Riyadh home sales 2024 · +44.2%

SAR 75.7bn

Sales value 2024 · +30%

+67%

Apartment price growth 2018 to 2024

1,000

Branded units in Riyadh pipeline by 2027

The project

A mixed-use anchor in Al-Nada.

The Eye combines residential, hotel, and office uses on a single plot. OCTO's position is the G+22 residential tower, delivered as Hilton Branded Residences.

Hilton Branded Residences tower, The Eye, Riyadh

The development spans a 103,058 m² plot with 186,073 m² of built-up area across two towers: a G+10 hotel and a G+22 residential tower. Residential delivers 490 apartments alongside 417 townhouses and duplexes.

Hospitality adds 240 hotel rooms and 178 hotel apartments. Office floors 5 to 14 carry 47,000 m² of GFA, served by 2,544 parking bays. Completion is scheduled for 30 December 2027.

490

Apartments

417

Townhouses, duplexes

186,073 m²

Built-up area

G+22

Residential tower

418

Hotel rooms, apartments

2,544

Parking bays

Deal terms OCTO Funds · Hilton Riyadh

30-40%

Target IRR

9 mo

Expected exit

$50M

Nominal ticket

Low

Risk profile

Escrow

Capital protection

Structured for a short hold. Capital is escrow-secured with a nine-month expected exit, targeting a 30 to 40% IRR at a low risk profile.

Why branded

Branded residences command a structural premium.

In Riyadh, branded stock trades far above the unbranded average, and the buyer base that wants it is already there. The premium is not a forecast; it is the current spread.

Branded vs unbranded, Riyadh

Average price · SAR per m²

Source: The Saudi Report 2025

Intent to buy branded

Saudi nationals · by monthly income

SAR 10,000 to 50,000 / month66% likely

Likely to buy branded

SAR 50,000+ / month81% likely

Likely to buy branded

Source: The Saudi Report 2025

Premium spread

Diriyah Gate branded trades 8 to 10x unbranded.

The clearest local comparable for the branded premium at the top of the Riyadh market.

8-10x

Branded multiple

Pent-up demand

SAR 3.57bn of unmet branded demand.

Demand the current Kingdom-wide pipeline cannot absorb.

SAR 3.57bn

Pent-up branded demand

Thin supply

2,500 branded units Kingdom-wide, 1,000 in Riyadh by 2027.

A small pipeline against a large and rising buyer base.

1,000

Riyadh branded units by 2027

Location

Minutes from KAFD.

The project sits in Anifah Valley, roughly seven minutes by car from the King Abdullah Financial District, where rental demand has run well ahead of supply.

Riyadh skyline near the King Abdullah Financial District

Address

Anifah Valley

Al-Nada district, northern Riyadh.

Connectivity

~7 min

By car to the King Abdullah Financial District (KAFD).

Rental demand

Rental waiting times near KAFD reach up to six months.

Sales progress, prior stages

Stage 1 sold to a Chinese fund for rental. Stage 2 around 90% sold, Stage 3 around 95% sold.

The developer

OSUS Real Estate, at portfolio scale.

Founded in Riyadh in 2006, OSUS runs more than fifty concurrent projects against a multi-billion-riyal portfolio. The figures below frame the developer delivering the Riyadh tower.

OSUS Real Estate

2006

Founded · Riyadh

53+

Concurrent projects, 2025

SAR 9bn

Portfolio value

3.35M m²

Total built-up area

3,535

Residential units delivered

200+

Team

Land bank · 2025

609,030 m²

Residential

163,444 m²

Commercial

41,989 m²

Hospitality

376,000 m²

Whiteland

Selected OSUS projects

The Eye

Riyadh · Mixed-use

OD Tower

Riyadh · OSUS portfolio

OD Plaza

Riyadh · OSUS portfolio

Green Tower

Riyadh · OSUS portfolio

Al Makan

Riyadh · OSUS portfolio

The 25

Riyadh · OSUS portfolio

Project 02

Hilton Branded Residences, Al-Madinah

Hilton Branded Residences · Al-Madinah

Branded residences in the heart of Al-Madinah.

OCTO's Madinah position is the Hilton Branded Residences within Multaqa Almadinah, developed by KEC on King Abdul Aziz Road. It opens a market that regulated foreign ownership is unlocking for the first time.

DeveloperKEC

LocationKing Abdul Aziz Road, Al-Madinah

BrandHilton Branded Residences

CompletionQ1 2027

The Al-Madinah market

A widening housing gap meets rising visitation.

Al-Madinah is the only Saudi region after Riyadh with net demographic inflow. Its residential shortage is projected to widen even as religious visitation roughly doubles by 2030.

Al-Madinah housing shortage

Cumulative unit gap · projected to 2035

Source: KPMG Research & Analysis

Religious visitation, Al-Madinah

Hajj and Umrah · 2020 to 2030 · millions

2020 2030

Source: OCTO · Vision 2030 visitation targets

+45%

Madinah transactions 2024

SAR 5.2bn

Transaction value 2024 · +29%

3,865

Apartments, SAR per m² · +6.6%

3,517

Villas, SAR per m² · stable

1.7M → 2M

Population to 2030

Price trajectory

Around 30% price growth per m² within three years of the foreigner zoning law.

KPMG's projected uplift once foreign buyers are admitted to the market.

~30%

KPMG · three-year outlook

Length of stay

Visitors stay an average of ten days.

A long dwell time that underpins both rental and hospitality demand.

10 days

Average visitor stay, 2024

The project

Multaqa Almadinah, Hilton branded.

A mixed-use destination of branded residences, a Hilton hotel, and retail at the centre of Al-Madinah's pedestrian core, on King Abdul Aziz Road. Within it, OCTO holds the Hilton Branded Residences, the address that brings branded living to Medina for the first time.

Multaqa Almadinah delivers 300 branded residences and 390 hotel keys above a retail base of 66 units and 71,750 m² of leasable retail space, served by two basement levels.

It is the first branded residential project in Medina available to foreign buyers, anchoring OCTO's position to the opening of the Holy Cities to international ownership.

For OCTO it is a late-stage entry: capital deploys into a near-complete asset, in a branded segment the city has not offered before.

300

Branded residences

390

Hotel keys

Retail units

71,750 m²

Retail GLA

Basement levels

Q1 2027

Completion

Location · On King Abdul Aziz Road

The project sits on the pedestrianized hub linking the Haram to the Haramain High-Speed Rail station, the spine of visitor movement through Al-Madinah.

Address

King Abdul Aziz Road

The pedestrianized core of Al-Madinah, known as KAAR.

Anchor

Steps from the Haram, the destination for every visitor to the city.

Connectivity

A direct pedestrian link to the Haramain High-Speed Rail station.

Deal terms OCTO Funds · Hilton Madinah

25-30%

Expected return

12 mo

Term, up to

80%

Construction readiness

Q1 2027

Completion

Late-stage entry. The project is 80% ready with completion in Q1 2027, targeting a 25 to 30% return over a term of up to twelve months.

Foreign ownership

A market opening for the first time.

New rules let foreign buyers into the Holy Cities. The latent demand pool behind that change is large, global, and currently unserved.

The mechanism

The Premium Residency Visa opens foreign ownership.

Property purchases above SAR 4 million qualify, creating the legal route for international buyers into Al-Madinah.

SAR 4M

Qualifying threshold

Latent demand · Colliers

Plus 80,000 units of demand at a 1.5% capture rate.

Colliers' estimate of foreign Muslim buyer demand at a conservative capture assumption.

+80,000

Units of demand

Capital pool · Knight Frank

82% of global Muslim HNWIs plan to invest in the Holy Cities.

Around US$2 billion of intended allocation into Holy Cities residential once rules permit.

~US$2bn

Planned HNWI allocation

The developer

KEC, the largest private investment in Al-Madinah.

Knowledge Economic City is the regulated master-developer behind Multaqa Almadinah, with a delivered track record across residential, civic, healthcare, and retail assets in the city.

6.8 km²

Total development area

1.35M m²

Leasable at completion

ECZA

Regulated authority

No. 1

Private investment in Al-Madinah

Delivered by KEC

Dar Al Jewar

Residential · two phases

457 villas and townhouses delivered across two phases.

Delivered

Chamber of Commerce

Civic

The Madinah Chamber of Commerce, operational since October 2021.

Operational 2021

Mowasat Hospital

Healthcare

200 beds and 60 clinics, operational since 2022.

Operational 2022

Madinah Gate, Phase 1

Retail · TOD

124 retail units, 22,487 m² GLA, and 325 hotel keys. Saudi Arabia's first Transit-Oriented Development, opening October 2025.

Opens Oct 2025

Pipeline alongside Multaqa

Al Aliyaa

Residential · hospitality

1,490 units and a 480-key Hyatt House.

Pipeline

Islamic World District, Phase 1

Mixed-use

1,091 units and 5,162 hotel keys.

Pipeline

Further KEC communities in the Multaqa pipeline include Madinah Gardens, Knowledge Gardens, and Uhud Vista.

Residential mandate

Two Hilton-branded positions, one short-dated thesis.

For mandate information, fund documentation, and qualified investor enquiries on the OCTO Funds residential mandate.

Investor relations

Get in touch

For institutional capital partners, family offices, and qualified investors.

Investor Relations

Direct enquiries

For mandate information, fund documentation, and qualified investor enquiries.

investors@octofunds.com

Headquarters

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OCTO Funds
Dubai International Financial Centre
Dubai, United Arab Emirates

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Correspondence

Media & partners

For press, partner platform coordination, and general correspondence.

Victor Sadygov
+971 56 788 8295

Ekaterina Chernova
+971 56 857 5527
e.chernova@octoglobal.ae

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mselyutina@icloud.com

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