iyadh, Saudi Arabia: AlRajhi Capital and Aramak Real Estate have announced a strategic partnership to launch a new real estate investment fund worth SAR 1.4 billion. This fund will be dedicated to developing the first phase of a comprehensive, multi-use project located in the northern part of Riyadh.

AlRajhi Capital will manage the investment fund and provide the necessary financing, while Aramak Real Estate will serve as the main developer for the project. This phase will be constructed on a plot of land spanning approximately 41,000 square meters, offering the opportunity to develop a diverse mix of uses, including luxury residential units, modern office spaces, restaurants, retail outlets, as well as international hotels and recreational facilities.

Aramak has confirmed that construction work has already commenced on-site, reflecting the company's full readiness to accelerate development efforts.

This project adds to AlRajhi Capital's portfolio of leading real estate projects, which includes a range of real estate investment funds aimed at developing large-scale, multi-use projects in strategic locations across Riyadh.

This phase is part of a larger development undertaken by Aramak in northern Riyadh, spanning strategic lands on Ans bin Malik and Abu Bakr Al-Siddiq Roads, with a total built-up area of approximately one million square meters.

Walid Al-Rashid Al-Hamed, CEO of AlRajhi Capital, commented: "This agreement aligns with AlRajhi Capital's strategy to support leading real estate projects and meet the aspirations of our clients in the real estate sector. We are committed to providing innovative investment solutions that contribute to achieving the goals of Vision 2030 and enhancing sustainable growth opportunities in this vital sector."

Commenting on the agreement, Engineer Hamza Al-Bastanji, CEO of Aramak Real Estate, stated: "We are delighted to partner with AlRajhi Capital to develop the first phase of this distinguished project, which aims to provide a comprehensive lifestyle for the community and create a living environment that enriches the daily lives of individuals and communities."

The project is one of the initiatives that reflects the companies' commitment to contributing to the realization of the Kingdom's Vision goals by developing sustainable projects and enhancing the position of Saudi Arabia and its capital as a major global investment destination in the region.