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A Saudi company has announced the creation of a new real estate developer as a joint venture with other investors.
Banan Real Estate Company said in a Saudi bourse statement that its Board of Directors has approved the creation of a “simplified joint stock company for investment and real estate development.”
The new venture is in partnership with its subsidiary, Al-Azizah Real Estate Investment and Development Company, and other shareholders, the statement said, adding that the new firm would own, manage and develop lands and buildings.
(Writing by Nadim Kawach; Editing by Anoop Menon)
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