Innovest Properties unveils $200m Saudi real estate fund
RIYADH, August 10, 2021
Innovest Properties, one of Saudi Arabia’s largest investment and property companies, has launched a SR755 million ($200 million) Al Ahssa Real Estate Investment Fund in partnership with Blominvest, the investment banking arm of Lebanon’s Blom Bank group.
According to Innovest Properties, Al Ahssa is a closed private investment fund licensed by the Saudi Capital Market Authority and compliant with the regulations of shariah supervisory board.
"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," remarked its Chairman Mohammed Alkhars.
It is aimed at investment in the urban areas of Al Ahsa city, he added.
Innovest Properties said its plan is to acquire a sector of raw land for development and then market it in the form of residential plots and commercial facilities.
It had previously developed the residential communities in Al Bayraq region within the Eastern Province, which provided more than 1,100 housing units under the Sakani Programme.-TradeArabia News Service
