Arriyadh to jointly set up real estate investment fund

Arriyadh Development Co’s board agreed Monday to jointly form a real estate investment fund with Adeer Real Estate Service to develop and sell properties, the developer said in a statement to the Saudi bourse, Tadawul.

The fund, with a term of 36 months, will be managed by Alinma Investment and will have as an initial investment a plot of land which is 85 percent and 15 percent owned by Arriyadh and Adeer, respectively.

Up to 35 percent of Arriyadh’s share of the land will be bought by the fund for a certified SAR 401 million bank check, 15 percent higher than its price, when the fund becomes effective.