Saudi Retal Launches Real Estate Fund

The real estate fund will be used to develop Al Khobar projects and has 65 million Saudi riyals

Saudi’s Retal Urban Development Company has set up Rimal Park Fund, a private real estate fund, to develop luxury projects in Al Khobar.

The Fund will invest in a luxurious business complex and a residential and commercial complex over two adjacent land plots spanning 54,503 square metres in Al Khobar, the company said in a stock exchange statement.

The statement said the Fund has an estimated cash and in-kind value of 65 million Saudi riyals, representing 33% of its equity, and will be managed by BLOMINVEST Company over its five-year term.

Retal will be the project developer and marketing manager, the statement added.

In January, Retal signed an agreement with Saudi Railway Company to establish a special purpose vehicle to build a commercial mall.