Saudi Real Estate Company has signed an agreement with Alinma Investment, a unit of Alinma Bank, to jointly buy 1.8 billion riyals ($480 million) of land in Riyadh, it said in a statement on Monday.

The company did not name the seller of the land, which spanned 4.5 million sq m in the Saudi capital.

The investment will be financed through a real estate fund to be managed by Alinma Investment after licencing and regulatory approval has been given by the Saudi Arabian Capital Market Authority.

The land will be used for property projects, it said.-Reuters