Private real estate investment fund with a capital of 600 million riyals

Argan Projects has embarked on the establishment of a closed, Sharia-compliant private real estate investment fund with a capital of about 600 million riyals, in cooperation with Al Arabi Financial Company, where the fund has acquired a land plot of 500 thousand m2 in Al Nadwa neighborhood east of Riyadh, which will be developed into a mixed-use residential-commercial scheme.

On this occasion, Argan Projects Company announced that it has acquired an area of 500 thousand m2 in Al Nadwa neighborhood east of Riyadh, which will be developed into a mixed-use residential-commercial scheme. On this occasion, the Undersecretary of the Ministry of Municipal and Rural Affairs and Housing to stimulate housing supply and real estate development, Abdulrahman bin Abdullah Al-Tawil, explained that the signing of the agreement comes within the framework of strengthening partnerships with the private sector and encouraging financial and investment institutions to increase their investments in the real estate sector to contribute to supporting the wheel of growth in the sector and increasing the real estate supply in the Kingdom to achieve the objectives of the housing program - one of the programs of Saudi Vision 2030 - by raising the ownership rate of citizens to 701 TP3T by 2030.

The signing of the agreement comes within the framework of strengthening partnerships with the private sector. He pointed out that the ministry seeks to provide a stimulating investment environment that contributes to pumping more housing projects, finding the best solutions and enablers to improve the outputs of real estate projects, and raising the quality of housing products in the real estate development sector.