(MENAFN) Saudi Arabia's Bolminvest has decided in less than seven months, to finalize the liquidation of Blom Al Sharq Real Estate Fund, signing an overall return of 14.44 percent for the period since its foundation till the date of its liquidation. The original size of the Fund was USD23.19 million, Saudi Gazette reported
Incepted in early July of 2013, Blom Al Sharq Real Estate Fund was essentially established for the sake of buying raw land in AlMunsiah district, North East Riyadh with a total land area of 99,106 square meters. The fund objective was to get the required development licenses then to develop the land and divide it up into residential and commercial plots according to the regulatory requirements
Saudi Arabia Chief Executive Officer said that the Fund board has decided to liquidate Blom Al Sharq Real Estate Fund before its due time as the entire project lands were sold in record time to investors in the real estate market with the very rewarding return of 14.44 percent on the first investment commenced by the fund
The CEO confirmed that selling the entire project lands in record time to investors in the real estate market reverts to the project site advantages in terms of being close to Princess Nourah Bint Abdulrahman University and Imam Muhammad Bin Saud Islamic University and for also being near to King Khaled International Airport
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