Riyadh: Alramz Real Estate Company inked an agreement, on 29 December, to establish a Shariah-compliant real estate investment fund, managed by SNB Capital, according to a bourse filing.

The deal aims to develop the Rabwa Alramz residential project located in the Al-Safa district, Riyadh.

The target size of the fund amounts to SAR 2.50 billion, with Alramz investing an amount of SAR 105 million.

Under the agreement, the company will act as the project’s developer and exclusive marketer.

The project will develop an integrated residential project comprising diverse residential units of approximately 1,317 units, which will be sold to end users.

Earlier this month, Alramz Real Estate purchased several plots of land in Riyadh City on King Salman Road.

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