Riyadh Real Estate Development Gets a Boost with SR1.37 Billion Fund Launch
In an effort to drive investment in the real estate sector in the Eastern Province, two Saudi firms, Mohammed Al-Nahdi Real Estate and Alinma Investment, have agreed to launch a fund worth SR1.37 billion ($365 million).
Alinma-Al-Nahdi Real Estate Fund Launched for Development in the Eastern Province
The newly announced Alinma-Al-Nahdi Real Estate Fund will focus on developing prime land strategically located in the Eastern Province, covering an area of over 1.6 million sq. m.
CEO’s Vision for Kingdom’s Property Landscape
Abdullah bin Salmeen Al-Nahdi, CEO of Mohammed Al Nahdi Real Estate, emphasized his company’s commitment to shaping the Kingdom’s property landscape and addressing the housing needs outlined in Saudi Arabia’s 2030 Vision.
New Projects Aimed at Enriching Investment Portfolio
The property firm plans to develop the land to become a premier destination for housing and real estate investment in the Eastern Province, including residential communities, public buildings, commercial zones, and entertainment areas.
Sales Permit Issued for Progressive Project Implementation
The sales permit for the project has been issued, and it will be sold in stages during the implementation works, offering investors and buyers diverse ownership options that suit their needs and aspirations.
Investment Objective and Vision Alignment
The fund’s investment objective is to achieve medium-term capital growth through direct investments in the Kingdom’s real estate sector, aligning with Saudi Arabia’s Vision 2030 by boosting the supply of housing units.
Strategic Location for Development Project
The land is strategically located along King Abdulaziz Road and GCC Road in Dhahran, adjacent to the Ajyal residential district, facilitating convenient access to key landmarks in Dammam, Alkhobar, and Dhahran.
About the Companies
Mohammed Al-Nahdi Real Estate, headquartered in Alkhobar and founded in 1993, is a property company with a rich portfolio of notable projects. Alinma Investment, established by Alinma Bank, is a leading provider of Shariah-compliant investment products and services.