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The Kingdom Tower is seen in Central Riyadh, Saudi Arabia. Image used for illustrative purpose.
Riyad Capital, the investment arm of Riyad Bank, announced on Monday the launch of 500 million Saudi riyal ($133.33 million) Riyadh Real Estate Development Fund – Durrat Hittin in partnership with Al Ramz Real Estate Company.
The fund will develop a mixed-use project in Hittin district in Riyadh on a total area of 27,119 square metres.
The mixed-use complex will have a leasable area of 30,000 sqm, comprising offices, retail and hospitality.
Last year, Riyadh Real Estate Development Fund - Al Ramz was launched to develop housing projects in Riyadh and Eastern regions, the statement said.
In August 2022, Al Ramz Real Estate signed a term paper with Riyadh Capital to establish a real estate development fund for four projects in Riyadh and Al-Khobar with a total area of 38,494 sqm, according to the developer’s Red Herring prospectus.
(Writing by D Madhura; Editing by Anoop Menon)
