A real estate fund is being established in Saudi Arabia to develop a transit-oriented development (TOD) in Riyadh.
Asset manager Riyad Capital, Naif AlRajhi Investment Company and Princess Munira bint Abdullah bin Faisal Al Saud, a member of the Saudi royal family, have signed an agreement to establish the $400 million (SAR1.5 billion) Dar Al Salam real estate fund to develop a mixed-use project in Riyadh.
The project spans 32,000 square metres and is located 250 metres from Al-Takhassusi Metro Station.
Projects designated TOD focus on residential, commercial and leisure spaces within walking distance of public transport.
No details were disclosed on the investment share of each party or project details.
Riyad Capital CEO Abdullah Abdulrahman Alshwer said the project will support the objectives of Saudi Vision 2030, particularly in urban development and improving the quality of life. More
