Dallah Healthcare Company has launched a real estate investment fund valued at more than 1.2 billion Saudi riyals ($319.97 million) to develop a mixed-use project in Riyadh.

Wahet Al-Nakheel Fund has appointed Tatweer as the developer and signed a SAR 741 million agreement with the company to oversee design, excavation, execution, and the necessary regulatory approvals, the company said in a statement to the Saudi stock exchange.

The mixed-use project will include medical, commercial, office and hotel facilities.

The fund will be jointly owned by Dallah Healthcare, Dallah Real Estate Company, and Tatweer, with AlJazira Capital serving as the fund manager.

The fund has appointed a board of directors that will oversee the implementation of the project.

The work scope includes design, excavation, construction, and securing all necessary approvals, with completion slated within 51 months. 

In July 2024, Dallah Healthcare signed a non-binding memorandum of understanding (MoU) with Aljazira Capital, Dallah Real Estate, and Tatweer to establish a private real estate fund valued at more than SAR 1.2 billion.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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