UAE's Union Real Estate Company plans to expand its investments in the Saudi market after it signed a memorandum of understanding with Nayef Al Rajhi Investment Company in Saudi Arabia to launch real estate projects in Riyadh starting from the second half of this year.

The Memorandum of Understanding (MoU) The memorandum of understanding provides for the establishment of a limited liability company in Riyadh to practice real estate investment and development activities, including the management and development of real estate, as well as the purchase of residential and commercial buildings and land to establish buildings on them and invest them by selling and leasing for the benefit of the company.

Ahmed Khalaf, CEO of Union Real Estate UAE, said <Ahmed Khalaf Al Marri, General Manager of Union Real Estate Company, said that the MoU aims to explore investment opportunities within the Saudi market, as Saudi Arabia has become one of the attractive destinations for investment, and the real estate sector is witnessing a new start to ensure sustainable growth. He added that this step comes after the entry of one of Etihad's subsidiaries into the Saudi market last month, but it is different in the new alliance by entering a partnership through the parent entity.

He added that the memorandum of understanding aims to explore investment opportunities within the Saudi market.