Saturday, May 08, 2010
BEIRUT (Zawya Dow Jones)--Saudi Arabia's Al Oula Real Estate Development Co. plans to launch in mid-June a real-estate fund to finance the first phase of its Future Industrial City project near Riyadh worth 231 million Saudi riyals ($61.6 million), Saudi-based Al Riyadh daily reports Saturday.
Al Oula has signed a contract with Sidra Capital, which will act as the fund's financial advisor and manager, the paper reports, adding that Al Oula's unit Al Oula Mawarid will start work in the next few months on the project's first phase, which will cover an area of almost 1.14 million square meters of the industrial city project.
The Future Industrial City is located south of Riyadh and covers an overall area of 3.3 million square meters, Mohammad Al Humaidhi, Al Oula Mawarid's chief executive, said, according to the daily.
Newspaper Web site: www.alriyadh.com/2010/05/08/article523618.html
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2010 Dow Jones & Co.
(END) Dow Jones Newswires
08-05-10 0731GMT
