ANB signs up Riyadh Development for $558m Saudi project
RIYADH, 2 hours, 48 minutes ago
Saudi-based Riyadh Development Company has announced that it has been appointed as the developer of a real estate investment fund worth more than SAR2.1 billion ($558 million) to be managed by ANB Capital, a leading brokerage firm in the kingdom.
The Fund aims to develop infrastructure on a 1.8-million-sq-m area, spanning across three plots in Al Rimal, Al Qadisiyah, and Al Janadriyah east of the capital, said Riyadh Development Company in its filing to Saudi bourse Tadawul.
Thanks to its strategic location, the plot has a significant potential for future development of commercial, office, and residential real estate projects. The project is likely to be developed and exited within four years, it stated.
As per the agreement inked with ANB Capital, the Fund will own and develop the land, with Riyadh Development Company participating as an investor with an estimated share of 10% of the Fund’s value.
This Fund is part of the company’s strategy to develop land infrastructure and enhance its investments under the theme "Invest for Growth", with the objective to maximize total shareholders’ return and diversify investments, said the Saudi company in its bourse filing.
Riyadh Development Company's experience as an investor and developer in this sector supports its ability to deliver prominent projects in Riyadh, contributing to the Saudi Vision 2030 goals, particularly in urban development scene in the capital, it added.-TradeArabia News Service
