Riyadh Development Company has been appointed developer for the 2.1 billion Saudi riyals ($559 million) real estate investment fund.

The company will develop the infrastructure of a project spanning 1.8 million square meters in eastern Riyadh, it said in a statement to the Saudi stock exchange on Sunday.

After receiving approval from the Capital Market Authority, ANB Capital will manage the fund and oversee land acquisition and development. 

Riyadh Development will be an investor, contributing 10% of the fund’s value.

The fund’s assets include three land plots in Al Ramal, Al Qadisiyah, and Al Janadriyah districts. The projects, which will fall in the commercial, office, and residential segments, are expected to be completed and exited within four years, the statement said.

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

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