Saudi's Tatweer Company announced on Tuesday plans to launch a new mixed-use project, located on King Fahd Road in Riyadh's Nakheel district. 

The development, comprising medical, office, residential, hotel and commercial units, will be jointly owned by Tatweer Company, Dallah Healthcare, and Dallah Real Estate, Tatweer said in a press statement.

Zawya reported on Tuesday that the Saudi-listed Dallah Healthcare, Dallah Real Estate and Tatweer Company signed a non-binding MOU to establish private real estate fund with an estimated value exceeding 1.2 billion Saudi riyals ($320 million) to develop the project. The report said Tatweer would be the cash investor while Dallah Healthcare and Dallah Real Estate will participate as in-kind investors by providing their land plots for the project. 

The MOU was signed by Hezam Bin Saeidan, Managing Director of Tatweer Company, Saleh Abdullah Kamel on behalf of Dallah Real Estate, Ahmed Babaeer, Chief Executive Officer of Dallah Health, and Bandar Al Hogail, Head of Real Estate Assets at Aljazira Capital, according to Tatweer's statement.

Aljazira Capital will manage the fund established to develop the project while Knight Frank will serve as the real estate consultant, it noted.

Details about the amount of land, units and project timelines weren't disclosed. 

Tatweer Company had recently acquired industrial land in Al-Orouba for over SAR757 million ($202 million).

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

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