Saudi’s Hassana (Hassana Investment Company) and Kinan International Real Estate Development Company (Kinan) have signed a Memorandum of Understanding (MoU) to invest in a 2-million-square-metre (sqm) mixed-use real estate development in capital Riyadh.

The project, located in the Al Rimal district of North Riyadh, will include 9,000 residential units, while its commercial component comprising retail and office units, will have a total built-up area of 222,000 sqm, a press statement by Hassana said.

The statement said the development will also incorporate educational, healthcare, entertainment areas and other amenities.

Hassana is the investment manager of Saudi Arabia’s General Organisation for Social Insurance (GOSI) with over 1.2 trillion Saudi riyals ($320 billion) worth of assets under management.

Editing by Anoop Menon) (anoop.menon@lseg.com)

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