Saudi Arabia’s Al Majdiah and First Avenue have committed to building a major residential complex in New Tashkent styled after Riyadh, in what represents one of the most significant recent foreign investments into Central Asia’s flagship urban development project. The announcement reflects accelerating interest from Gulf capital in Uzbekistan’s real estate market and broader economic transformation.
The partnership, unveiled during October talks between Saudi business executives and Uzbek leadership, will combine Saudi development expertise with local resources. “In recent years in Saudi Arabia, more and more businessmen intend to invest in Uzbekistan. We have also decided to invest in Uzbekistan. In cooperation with Uzbek partners, we plan to build a complex in the Riyadh style in the New Tashkent area,” stated the chairman of Al Majdiah and First Avenue.
Market opportunity in a growing megaproject
The scale of New Tashkent — spanning 20,000 hectares and designed to accommodate 2 million residents — creates extraordinary demand for construction services, building materials, interior furnishings, and commercial infrastructure. The entry of Saudi developers signals confidence in the project’s economic viability and Uzbekistan’s construction and investment environment. For international firms in construction supply, materials distribution, and design services, this signals a substantial market opening.
The Uzbek–Saudi collaboration also establishes a precedent for cross-border partnerships within the New Tashkent ecosystem. The broader project has already attracted architecture and development firms from Singapore, Britain, China, Germany, Turkey, the Netherlands, South Korea, and the UAE — creating a multipolar environment where various architectural visions and development approaches coexist. This international ecosystem generates spillover demand and partnership opportunities across supply chains.
Competition for international talent and investment
Complementing the Saudi investment, another major initiative is advancing: a Saint Petersburg–inspired residential district developed jointly with Russian authorities, with construction scheduled to launch in mid–2026. This multipolar development strategy positions New Tashkent as a laboratory for international urban planning and cross–regional cooperation, attracting investment and expertise from multiple continents simultaneously.
For furniture manufacturers, construction suppliers, interior design firms, and hospitality investors targeting Central Asia, these developments offer direct market entry and expansion opportunities. The volume of residential units, commercial infrastructure, and public spaces under development — combined with the international caliber of investors and architects involved — creates sustained procurement demand for quality building materials, furnishings, fixtures, and design services. Companies operating within or entering the regional ecosystem now face substantial growth prospects as this transformation unfolds across the coming years. The participation of multiple major economies alongside Uzbekistan reinforces the stability and attractiveness of this market for long–term commitments.
