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Saudi-listed Knowledge and Economic City (KEC) has announced a closed-ended real estate investment private fund with Sidra Capital and Raseel Properties.
Sidra Capital will act as a fund manager and Raseel Properties will act as a project developer for the fund while KEC will be a majority investor.
The fund aims to develop the SAR 1.04 billion ($277 million) Al Duha mixed use project, which was agreed at the Madinah Investment Forum, and will include hospitality, residential, retail and office facilities.
KEC will contribute the land as an in-kind investment and the fund will launch in Q1 2025 with the project expected to be fully developed by Q1 2029.
(Writing by Imogen Lillywhite; editing by Mily Chakrabarty)
