Both the real estate investment funds aim to raise over USD 100 million. One fund is looking to invest in a residential-commercial development in the urban southwest region of Al Ahssa city. The other aims to develop a largely residential area along the northwest coast.
Incidentally, both funds were announced on the same day. Here’s a look at the details of the two private real estate investment funds.
AL AHSSA REAL ESTATE INVESTMENT FUND
Saudi investment and property company Innovest Properties launched a USD 200 million Al Ahssa Real Estate Investment Fund in partnership with Lebanon’s Blominvest Bank.
The closed private investment fund is licensed by Saudi’s Capital Market Authority (CMA) and is also compliant as per the Shariah Supervisory Board.
The fund aims at making investments in Al Ahssa city to acquire land. The land is to be developed as residential plots and commercial facilities.
“The launch of this fund is a major tributary that contributes to the development and consolidation of the real estate sector in the region and crowns our investment successes in the residential real estate sector,” Innovest Properties Chairperson Mohammed Alkhars said about the fund.
SAUDI ALPHA CAPITAL FUND FOR REAL ESTATE DEVELOPMENT 1
Developer Retal and Alpha Capital announced a USD 133 million Saudi Alpha Capital Fund for Real Estate Development 1 last week. The fund is looking to invest in a coastal project called Marassi. It is located between Khobar and Dammam.
Retal will oversee the development of the project, including infrastructure and superstructure. The project will feature 750 residential plots, a 35,000 square meter-wide central garden, and public services such as mosques, schools and essential services, Arab News reported.
The garden acts as the project’s main axis. Along with the project’s natural open areas, the development is a first for the region’s urban plans.
Residential plots will feature 200 modern residential units with integrated services.
“The Marassi project comes as a continuation of the ongoing efforts exerted by Retal to change the concept of neighborhoods and meet the urban development ambitions of the wise government, represented by the Kingdom’s Vision 2030, which encourages the establishment of entertainment and quality of life-related projects,” Retal CEO, Abdullah bin Faisal Al Braikan, said.
Beyond the fund, Retal and Alpha Capital have plans to work on real estate projects worth a total of USD 2 billion by 2030.
Photo credit: https://seputartangsel.pikiran-rakyat.com/internasional/
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