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Jeddah - Yasmine El Tohamy - RIYADH: The Saudi capital will soon be home to new offices and commercial projects thanks to the launch of the Durrat King Khalid Fund, inaugurated by Riyad Capital.
Established in partnership with Saudi real estate firm Al-Ramz, the new initiative aims to develop a qualitative project within the office property sector, positioned in a prime location in the capital on an area of 27,000 sq. m., according to a statement.
This move comes within the framework of a series of extended partnerships between the two firms through previous and future projects, according to the CEO of Al-Ramz, Haroon Al-Rasheed.
This initiative is considered the third real estate fund to be launched in cooperation between both companies.
The CEO of Riyad Capital, Abdullah Abdulrahman Alshwer, indicated that the agreement is also an extension of the specific real estate projects carried out in conjunction between both sides, which provide distinctive investment opportunities for Riyad Capital’s clients.
This is owed to the fact that the Durrat King Khalid Fund seeks to provide an attractive office environment to entice international companies looking to move their regional headquarters to Riyadh.
Additionally, the fund has broad ambitions to provide a business environment that serves and caters to government agencies and international as well as local companies by offering the latest office technologies and service experiences in the professional world.
In 2021, Al-Ramz partnered with Watheeq Proptech VC Fund as an investor to help develop sustainable housing in Saudi Arabia.
The body invests in property technology startups, which use 3D printing, prefabricated buildings, and construction robots, according to a statement released at the time.
The partnership was intended to accelerate the development process from construction to sales and letting and individual homeownership.
It was meant to help the development of affordable, sustainable, and quality, quick-to-market residential housing in Saudi Arabia using various smart technologies that are applicable to construction.
The deal seeks to support the government’s commitment to supply 1.5 million homes as part of Vision 2030.
Al-Rasheed said at the time that the partnership will help “improve the customer’s experience in the sector.”
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