Real Urban Development Co. has signed a memorandum of understanding (MoU) with Albilad Capital to launch a closed-end real estate investment fund valued at approximately SAR 2 billion ($532.34 million)Â .
The fund is focused on the development and management of a multi-use project in the Qurtoba district of Riyadh, covering 192,000 square meters.
This project is set to become an integrated real estate destination, featuring mixed-use spaces designed in the Salmani architectural style. It adheres to the sports track code and aligns with Saudi Arabia’s Vision 2030, which aims to enhance quality of life by focusing on environmental and modern urban design standards.
The MoU is effective immediately and will remain in place until the completion of the project or if negotiations are terminated by either party. The statement clarified that there are no related parties involved in this deal.
