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Saudi developer Ezdihar Real Estate Development Company, a part of Ezdihar Holding under the Fawaz Alhokair Group, announced on Tuesday the launch of a 1.1 billion Saudi riyal ($267 million) real estate fund in collaboration with Al-Istithmar Capital to develop a Grade A office park in capital Riyadh.
A joint press statement said the initiative targets a 103,000-square metre prime plot located on the King Saud University campus along Prince Turki I Road.
“The business plan focuses on building a strong income-generating office complex that promises substantial returns for investors,” the statement said, adding that design incorporates lifestyle orientation with green areas and ample circulation spaces.
AbdulMohsen bin Fawaz AlHokair, CEO of Ezdihar Real Estate Development Company said: "This project aligns seamlessly with our commitment to provide distinctive, quality-oriented projects that exceed our clients' expectations."
Khaled bin Abdulaziz AlRayes, CEO of Alistithmar Capital, added: "Through this partnership, we aim to meet and adapt to the evolving market demands by offering high-quality, value-added investment opportunities that optimise benefits and maximise returns."
Al-Istithmar Capital is the investment arm of the Saudi Investment Bank.
(Writing by SA Kader; Editing by Anoop Menon)
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