Saudi Arabia’s Al Ramz Real Estate and Oud Capital are set to launch a new fund to raise SAR 650 million ( $173.3 million) to finance a residential development in the Kingdom.

The proceeds of the Shariah-compliant real estate investment fund will go to the construction of Al Ramz Front, an integrated residential community in the Al Firdous district of Jeddah, Al Ramz confirmed on Tuesday.

The fund will be managed by Oud Capital. The real estate firm will participate in the fund as the landowner, with an investment of approximately SAR 81.6 million.

Al Ramz will also act as the developer and exclusive marketer of the project.

The project includes the construction of 900 homes spread across 47,794 square metres.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com