Retal Urban Development Company has signed a memorandum of understanding (MoU) with Albilad Capital to launch a 2 billion Saudi riyal ($532.34 million) closed-end real estate investment fund.
 
The fund will be used to develop and manage a mixed-use project, the company said in a statement to the Saudi stock exchange this week.
 
The project covers an area of 192,000 square metres and is located in the Qurtoba district of Riyadh.
 
This integrated real estate destination will feature mixed-use spaces designed in the Salmani architectural style and will comply with the sports track code, supporting the goals of Vision 2030.

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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