Riyadh – Mubasher: Mulkia Investment Company penned a memorandum of understanding (MoU), on 21 February, to establish a real estate fund, according to a bourse disclosure.
Through the fund, Mulkia Investment plans to acquire a plot of raw land in Buraidah, with a total area of 2.60 million square metres.
The implementation process will take place within 90 days from the date of signing the deal.
Meanwhile, the transfer of ownership and payment will be executed after completing the procedures of the bank financing the fund and after obtaining the approval of the Capital Market Authority (CMA).
Following the acquisition of the property, the transaction will reflect positively on Mulkia Investment’s financials, as it will result in a management fee revenue for the company starting from the second quarter (Q2) of 2024.
