The Myriad, a notable brand in student housing developed by Dubai-based Strategic Housing Group (SHG), is making significant strides to broaden its presence not just in the UAE but also in Saudi Arabia. Future aspirations include expansions into Africa, Malaysia, and Europe, as highlighted by SHG’s Group CEO, Vik Rao, in a recent interview.

Expansion in the UAE

Currently, SHG’s focus is on enhancing The Myriad’s presence across major UAE cities like Dubai, Abu Dhabi, Sharjah, and Al Ain. While specific details remain under wraps, Rao mentioned that the company is actively seeking land acquisitions within these regions. As of now, The Myriad in Dubai hosts around 2,300 students, solidifying its role in the local market. Additionally, The Myriad Muscat, which opened in 2021, accommodates 2,700 young women and entrepreneurs, representing a considerable investment of 400 million UAE dirhams (approximately $109 million).

Rao explained that the company’s growth strategy stems from identifying significant gaps in the student housing sector, particularly in regions with high educational demand. He noted that while many universities offer some form of accommodation, they often prioritize academic infrastructure over housing, creating a void that The Myriad aims to fill.

Opportunities in Saudi Arabia

Moving beyond the UAE, Rao also leads Dedicated Housing Company (DHC) in Saudi Arabia, a joint venture worth 2 billion Saudi riyals ($533 million) focused on developing co-living spaces for students and professionals. He emphasized the substantial projected demand for student accommodations, estimating a need for over 100,000 beds across various Saudi cities like Riyadh, Jeddah, and Dammam.

The company is currently exploring partnerships with key universities in these regions to develop comprehensive living solutions, with plans for communities containing 3,000 to 4,000 rooms. This proactive approach highlights the urgent call for innovative housing solutions, given that students in some areas may face waiting times of up to two years for suitable accommodation.

Global Aspirations and Future Projects

Looking ahead, The Myriad is setting its sights on international markets, beginning with Nigeria. The development of The Myriad Abuja started in 2023, with future projects planned in cities like Lagos and South Africa’s Cape Town and Stellenbosch. Additionally, plans are in place for developments in Malaysia’s Putrajaya and Iskandar Malaysia, as well as potential collaborations in Europe, particularly in Spain and the Netherlands.

In terms of project financing, Rao explained that SHG often partners with landowners to secure properties, then invites equity investors and banks to fund the projects post preliminary design and feasibility assessments. This multi-faceted approach not only enables the company to scale effectively but also aligns with the growing global demand for high-quality, affordable student housing.

Through strategic expansion and partnerships, The Myriad aims to redefine the student living experience, focusing on community engagement and affordability. By tapping into structural gaps in the market, it is well-positioned to emerge as a leader in student accommodation solutions across multiple continents.