Saudi Akaria gets a SAR 1.5 billion-loan from the Public Investment Fund

06/04/2014 Argaam

Saudi Real Estate Co, Akaria, has secured a SAR 1.5 billion loan from the Finance Ministry’s Public Investment Fund (PIF) to fund its 2014-2018 housing and hotel construction plan, the company said in a statement on the website of the Saudi bourse, Tadawul.

 

Akaria, which is 64.5 percent, owned by PIF, is a leading real estate company involved in land development. It constructs leases and manages commercial and residential properties. Some of its flagship projects include Olaya I, II, III shopping and office centers in Riyadh as well as residential units in the Diplomatic Quarter.

 

The PIF, which was set up in 1971, is Saudi Arabia’s domestic wealth investment fund that finances local projects. It has large stakes in major banks and Saudi companies. 

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