Logo of Retal Urban Development Co.
Retal Urban Development Co. signed a memorandum of understanding (MoU) with Albilad Capital to launch a closed-end real estate investment fund, with an estimated value of SAR 2 billion.
The fund will be geared towards developing and managing a multi-use project, according to statement to Tadawul.
The project, located in the Qurtoba district of Riyadh, spans 192,000 square meters.
The project aims to create an integrated real estate destination featuring mixed-use spaces designed in the salmani architectural style, in compliance with the sports track code. This aligns with the objectives of Saudi Arabia's Vision 2030, which seeks to enhance quality of life through attention to environmental and modern urban design standards.
The company further pointed out that the MoU is effective from the date of signing until its completion or the termination of negotiations by either party, whichever comes first.
There are no related parties to the deal, the statement added.
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