Swicorp, a leading private equity and investment banking firm with a specific regional focus on the Middle East and North Africa (Mena) region, said it has successfully raised SR152 million ($40.4 million) – including SR76 million in equity and SR76 million in a loan facility from a local bank – for Ewan Al Maali Real Estate Development Fund.

The fund was established by Swicorp in partnership with Retal Urban Development Company, a fast-growing urban developer in Saudi Arabia.

Retal has announced plans to develop and sell 76 luxury villas in Al Khobar, Eastern Province, Saudi Arabia. The project, which spans over a total area of 35,024 sq m, is strategically located near the new Khobar Corniche and major universities, shopping hubs and business centres.

The villas are of three different sizes and are characterised by innovative architectural designs, high quality materials and latest technology. Construction is already well advanced and should be completed by mid-2018.

Ewan Al Maali Real Estate Development Fund follows the successful launch by Swicorp and Retal of two other development funds, Al Dhawahi and Al Qayrawan.

Swicorp CEO Daniel Schenker said: "We are thrilled to announce the launch of the Al Maali Real Estate Development Fund. Its successful structuring and financing will be a great contribution to the development of the real estate sector in the kingdom."

"We are also proud of our successful relationship with Retal. We will continue investing our expertise in asset management and real estate financing to deliver high-performing funds and support top-notch projects for the benefit of our clients and investors," he stated.

Retal CEO Abdullah Al Braikan said Ewan Al Maali is a milestone in the development of luxury residential projects in the Kingdom.

"The masterplan was carefully chosen and designed based on its strategic location in the Eastern Province," stated Al Braikan.

"The project is an example of a modern urban development that offers highly unique products that match customers’ aspirations. We are excited by the successful launch of the Fund and by the continuation of our successful relationship with Swicorp," he added.-TradeArabia News Service