Thimar Development Holding Company has invested 6 million Saudi riyals ($1.6 million) in a real estate fund to build a residential tower in Riyadh.

The SAR 124 million ($33 million) fund, managed by Osool and Bakheet, aims to build a residential tower with 97 units opposite the Kingdom Tower in the capital city's Olaya District.

The project will cover an area of 1,600 square metres, offering investment returns of 116.36 percent, the company said in a statement published on the Saudi stock exchange on Tuesday.

In April, Thimar announced setting up a new company to support its business and strategy for real estate investments and development.

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

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