Al Rajhi Capital and Aramak Real Estate Launch SAR 1.4 Billion Investment Fund in Riyadh

Al Rajhi Capital and Aramak Real Estate have announced a strategic partnership to launch a SAR 1.4 billion investment fund aimed at developing the first phase of a major mixed-use project, one of the largest real estate developments in northern Riyadh. Al Rajhi Capital will manage the fund and provide necessary financing, while Aramak Real Estate will take the lead on development. The initial phase will be developed on a 41,000-square-meter plot, featuring a diverse mix of luxury residential units, modern office spaces, retail outlets, international hotels, and recreational facilities. Aramak has confirmed that construction has already commenced, signaling the full readiness of the project to proceed with development.

This project is a new addition to the series of pioneering real estate initiatives by Al Rajhi Capital, which includes a range of investment funds dedicated to developing expansive, mixed-use projects in prime, strategically located areas across Riyadh.

This phase is part of a series of large-scale projects Aramak is developing in northern Riyadh, strategically located along Anas Bin Malik and Abu Bakr Al-Siddiq roads, totaling around one million square meters of built-up area.

Mr. Waleed Alrashiad Alhumaid, the CEO of Al Rajhi Capital, added: “We are proud to be part of this project, which aligns with the Kingdom’s vision for high-quality, community-serving developments and supports the realization of Vision 2030. This agreement underscores our commitment to advancing innovative real estate projects that enrich Riyadh’s urban landscape.”

Commenting on the partnership, Eng. Hamza Al-Bustani, CEO of Aramak Real Estate, stated: “We are excited to partner with Al Rajhi Capital on this significant project, which aims to deliver an integrated lifestyle to the community, creating an environment that enhances the daily lives of individuals and families.”

This project reflects the commitment of both companies to support the Kingdom’s Vision by fostering sustainable development. It also aligns with preparations for Expo 2030 in Riyadh, positioning the city as a global destination, while enhancing the infrastructure to host major events, including the 2034 FIFA World Cup”.