Signing an Agreement to Establish a Real Estate Investment Fund Between "Alawwal Invest" and "Mohammed Alhabib Real Estate"

Agreement signing ceremony

Within the activities of Restatex Real Estate Exhibition, which concluded last Friday in Riyadh, Alawwal Invest and Mohammed Alhabib Real Estate Company have signed an agreement to establish a closed-ended private real estate investment fund with a target size of SAR 250 million.

Through this agreement, the two companies aim to develop modern, high quality housing products with competitive prices in Riyadh, to live up to the aspirations of housing seekers by improving the quality of the supply of housing products and services. The project is located in the northeast of Riyadh city on a total area of 30,000 square meters. It targets the development of more than 250 residential units. The fund is expected to launch operations in the second quarter of 2023.

It is worth noting that home ownership by Saudis is one of the most prominent goals of the Kingdom's Vision 2030, as the vision aims to raise the percentage of home ownership for citizens to 70%.

Alawwal Invest currently has assets under management (AUMs) of over SAR 16 billion. This signing comes as part of the continuous development and growth strategy of Alawwal Invest, which aims to raise the assets under management in the real estate investment funds and provide various types of investment products to Alawwal Invest clients.