Alramz Real Estate Company has signed an agreement to establish a 650 million Saudi riyal ($175.58 million) Shariah-compliant real estate investment fund to develop a residential project in Jeddah.

The fund, which will be managed by Oud Capital, will develop the Al Ramz Front residential project with 900 units in Al Firdous district in north Jeddah, Al Ramz said in a statement to the Saudi stock exchange.
 
Alramz will contribute SAR 81.6 million as an investor in the fund, along with land plots totaling 47,800 square metres, valued at SAR 215.1 million, as an in-kind contribution.
 
The company will serve as the fund’s developer, with the development contract valued at SAR 268.8 million.

Al Ramz will earn a 10 percent development fee of SAR 26.8 million and a 2.5 percent marketing fee of the project’s total sales.

In February 2026,  Alramz had signed two agreements to develop real estate projects in Riyadh and Makkah. In Riyadh, it signed an agreement with the PIF-owned ROSHN Group to purchase and develop two residential plots within the Sedra mega project.  In Makkah, the agreement with Ramz Al Hijaz Fund, managed by Al Rajhi Capital, covered the development of two residential towers at a total investment of SAR418 million ($111.5 million).

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

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