National Building, NOMW Capital launch SAR 100 mln real estate fund

Logo of National Building and Marketing Co.

National Building and Marketing Co. signed an agreement with NOMW Capital to establish a SAR 100 million private real estate fund, called “NOMW Al Ahsa Real Estate Development Fund”.

The fund aims to develop a villa project on the 250,000 square meter land plot in Al Ahsa, with a total value of SAR 440 million, the company said in a bourse filing.

National Building will own a 50% stake in the new fund and determine the source of securing its stake in the fund later.

Under the agreement, NOMW Capital will manage the fund based on the Capital Market Authority’s (CMA) requirements. It will be responsible for the financial arrangement for securing 50% of the fund capital.

The positive financial impact is likely to reflect during Q4 2022, the statement noted.