Asas Makeen Real Estate Development and Investment Company has set up a private real estate investment fund to develop two land plots in Riyadh.

The fund will have an initial target size of 73.4 million Saudi riyals ($19.35 million), the developer said in a statement to the Saudi stock exchange.

Asas Makeen will contribute land spanning 3,834 square meters, valued at SAR 30.67 million, in the Al Hamra district of Riyadh to the fund as an in-kind contribution.

MEFIC Capital will be the fund manager, while Banaa Al-Tharawat Company will act as unit distributor.
   
No details on the project were given.
 
The agreement is expected to have a positive financial impact on its 2026 and 2027 results, the statement said.

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

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