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Saudi’s Retal Urban Development Company has set up Rimal Park Fund, a private real estate fund, to develop luxury projects in Al Khobar.
The Fund will invest in a luxurious business complex and a residential and commercial complex over two adjacent land plots spanning 54,503 square metres in Al Khobar, the company said in a stock exchange statement.
The statement said the Fund has an estimated cash and in-kind value of 65 million Saudi riyals, representing 33 percent of its equity, and will be managed by BLOMINVEST Company over its five-year term.
Retal will be the project developer and marketing manager, the statement added.
In January, Retal signed an agreement with Saudi Railway Company to establish a special purpose vehicle to build a commercial mall.
(Writing by D Madhura; Editing by Anoop Menon)
