Riyadh- Mubasher: Riyadh Development Company inked an agreement, on 16 December 2024, exceeding SAR 3.50 billion to establish a real estate investment fund, according to a bourse disclosure.
The fund aims to develop a mixed-use real estate project in URBAN WADI, one of Sports Boulevard's destinations in Riyadh.
Riyadh Development and Turkish FTG Development formed an alliance for the project, which is still subject to obtaining the approval of the Capital Market Authority (CMA).
Jadwa Investment will assume the duties of managing the fund as a fund manager. Meanwhile, the ownership percentages will be determined after completing the project study.
The joint deal holds a tenor of seven years, extendable.
Located within the domain of the Sports Boulevard, the scheme extends over an area of 39,759 square metres, with built-up areas exceeding 207,000 square metres.
Earlier this month, Riyadh Development and Agility Logistics Parks (ALP), owned by Agility Global, penned a SAR 227 million deal.
