Saudi-listed Arriyadh Development acquires $44m tower in Riyadh

Saudi-listed Arriyadh Development acquires $44m tower in Riyadh
Saudi-listed Arriyadh Development acquires $44m tower in Riyadh

Thank you for reading the news about Saudi-listed Arriyadh Development acquires $44m tower in Riyadh and now with the details

Jeddah - Yasmine El Tohamy - RIYADH: Global alternative investment firm Arcapita has formed a new subsidiary to open an office in Riyadh, as part of its expansion in Saudi Arabia.

The new subsidiary, Arcapita Capital Co., is licensed by the Capital Market Authority of Saudi Arabia, according to a statement. 

The new formation will allow the firm to participate in private equity and real estate investments in the Saudi market.

Arcapita aims to leverage growth opportunities driven by the National Industrial Development and Logistics Program, and the Kingdom’s National Investment Strategy, it said.

These opportunities aim to deploy $3.3 trillion in investments across the economy by 2030.

Saudi Arabia is witnessing growth across several sectors including industrial, logistics, fintech, business services, and healthcare sectors.

“Many sectors of the Saudi economy are poised to experience very healthy growth, driven by substantial infrastructure investment and demographic shifts,” CEO Atif Abdulmalik, said. 

He added: “With the new office in place, we are already looking at a number of significant transactions, and are anticipating a very active investment pipeline in the coming years."

Saudi Arabia’s new investment law is expected to increase international business by 50 percent, as it treats both local and foreign investment equally, removing any commercial advantage previously extended to Saudi companies, Sovereign Saudi Arabia, an independent corporate and trust service provider, said in April.

“By legally enforcing the principle of competitive neutrality to public and private investors, this removes any previous commercial barriers to entry,” said Paul Arnold, managing director of Sovereign Saudi Arabia.

Also, JPMorgan Chase & Co, one of the largest banks in the US, is set to add an additional 20 people for its operations in Saudi Arabia by the end of the year, as it looks to tap into one of the world's few bright spots for equity capital markets, Bloomberg reported. 

The bank will have doubled the size of its Saudi operations by the end of the year, compared to 2016, Bader Al-Amoudi, JPMorgan’s senior country officer said. 

These were the details of the news Saudi-listed Arriyadh Development acquires $44m tower in Riyadh for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

PREV Market size of energy transition minerals to hit $770bn by 2040: IEA
NEXT Ukrainian firm DTEK seeks Saudi partnerships to enhance European energy security 

Author Information

I am Jeff King and I’m passionate about business and finance news with over 4 years in the industry starting as a writer working my way up into senior positions. I am the driving force behind Al-KhaleejToday.NET with a vision to broaden the company’s readership throughout 2016. I am an editor and reporter of “Financial” category. Address: 383 576 Gladwell Street Longview, TX 75604, USA Phone: (+1) 903-247-0907 Email: [email protected]