Saudi-based Alramz Real Estate has announced that it has signed an agreement with AlAhli Capital Company (SNBC) to set up a shariah-compliant real estate investment fund, for the development of its residential project - Rabwa Alramz - in the Al Safa district of capital Riyadh on a land area of 219,132 sq m.
The target size of the fund amounts to SAR2.5 billion ($666 million) with Alramz investing SAR105 million ($28 million) in it.
The fund will be managed by AlAhli Capital Company (SNB Capital). Awj Real Estate Company is the land owner.
An integrated residential community, Rabwa Alramz, will feature 1,317 residential units with a mix of villas and townhouses.
As per the deal, Alramz Real Estate will act as the project’s developer and exclusive marketer.
On the financial impact, Alramz said the transaction is expected to contribute positively to the company’s financial performance during 2026 to 2029 period. It will help boost the company’s investment portfolio and support its sustainable growth.-TradeArabia News Service
