National Building allocated 8 mln units of Al Ahsa Real Estate Development Fund

Logo of National Building and Marketing Co. (NBM)

National Building and Marketing Co. (NBM) was notified today, June 23, by NOMW Capital that of the close of Al Ahsa Real Estate Development Fund’s offering.

A letter was sent by NOMW Capital on the allocation of eight million units, at SAR 10 each, to NBM (SAR 30 million in cash and SAR 50 million in-kind) out of 13 million units, or 61.5% of the fund’s capital.

The fund’s capital was raised to SAR 130 million from SAR 100 million when the offering closed.

In August 2021, NBM signed an agreement with NOMW Capital to establish a SAR 100 million private real estate fund, called NOMW Al Ahsa Real Estate Development Fund, Argaam reported.

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.