RIYADH: Saudi real estate firm, Al-Ramz, and Riyad Capital, the investment arm of Riyad Bank, have signed a cooperation partnership deal of $186m real estate fund to develop new offices and commercial projects in he Saudi capital, according to a statement.
Established in partnership with Saudi real estate firm Al-Ramz, the new development initiative aims to develop a qualitative project within the office property sector, positioned in a prime location in the capital on an area of 27,000 sq. m., according to a statement.
This move comes within the framework of a series of extended partnerships between the two firms through previous and future projects, according to the CEO of Al-Ramz, Haroon Al-Rasheed.
This initiative is considered the third real estate fund to be launched in cooperation between both companies.
The CEO of Riyad Capital, Abdullah Abdulrahman Alshwer, indicated that the agreement is also an extension of the specific real estate projects carried out in conjunction between both sides, which provide distinctive investment opportunities for Riyad Capital’s clients.
This is owed to the fact that the Durrat King Khalid Fund seeks to provide an attractive office environment to entice international companies looking to move their regional headquarters to Riyadh.
Additionally, the fund has broad ambitions to provide a business environment that serves and caters to government agencies and international as well as local companies by offering the latest office technologies and service experiences in the professional world.
In 2021, Al-Ramz partnered with Watheeq Proptech VC Fund as an investor to help develop sustainable housing in Saudi Arabia.
The body invests in property technology startups, which use 3D printing, prefabricated buildings, and construction robots, according to a statement released at the time.
