RIYADH: Al Majdiah Residence is confident it will see solid growth rates from its public listing in the Saudi market thanks to ra ise in demand for new homes across the Kingdom, according to CEO Abdulsalam Al-Majed. Listing the company’s shares on Tadawul will also increase its opportunities to secure credit and enhance its partnerships with investment funds, Al-Majed told Argaam. Al Majdiah Residence aims to sell 3,000 residential units in 2022. It developed more than 12,000 homes in 850 buildings over the last five years. The Riyadh-based company appointed Saudi Fransi Capital as financial advisor for its initial public offering on the Saudi exchange, Tadawul. The boom coming from the Saudi real estate marketing and the related regulatory measures reshaped the real estate sector and enhanced the quality of projects, while reducing unplanned construction, Al-Majed said. They helped the market reach maturity, he added. All signals show that demand for residential units is on the rise across the Kingdom, including Riyadh and Jeddah, Argaam reported. The cost of residential units will be affected by the fluctuations in the prices of building materials, Al-Majed said. The rise in prices of building materials is sometimes temporary, such as supply chain disruptions due to the COVID-19 pandemic and the related lockdowns, he added.