Saudi firms join forces to propel real estate development in eastern province
Date
5/30/2024 8:40:46 AM
(MENAFN) In a significant move to invigorate real estate development in the Eastern Province of Saudi Arabia, Mohammed Al-Nahdi Real Estate and Alinma Investment, the investment arm of Alinma Bank, have unveiled plans to establish the Alinma-Al-Nahdi Real Estate Fund. With a substantial capital infusion of SR1.37 billion (USD365 million), this fund aims to catalyze investment in the region's property sector.
The fund will focus on the strategic development of prime land spanning an impressive area of over 1.6 million square meters in the Eastern Province. Abdullah bin Salmeen Al-Nahdi, CEO of Mohammed Al Nahdi Real Estate, expressed his company's commitment to shaping the Kingdom's property landscape through this initiative. He emphasized the firm's dedication to diversifying its investment portfolio and introducing distinctive projects that align with Saudi Arabia's ambitious 2030 Vision, particularly in addressing the nation's housing needs.
Al-Nahdi elaborated on the vision behind the fund, stating that his company aims to transform the allocated land into a premier destination for housing and real estate investment in the Eastern Province. The development plans include the creation of integrated residential communities, public infrastructure, commercial zones, and recreational facilities. By fostering the development of these comprehensive amenities, the initiative seeks to not only meet the housing requirements of citizens but also elevate the overall quality of life in the region, providing a comfortable and secure residential environment.
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