JEDDAH: Saudi Real Estate Co. signed an agreement with Alinma Investment, a unit of Alinma Bank, to jointly buy SR1.8 billion ($480 million) of land in Riyadh, it said in a statement.

The company did not name the seller of the land, which spanned 4.5 million square meters.

The investment will be financed through a real estate fund to be managed by Alinma Investment after licensing and regulatory approval has been given by the Capital Market Authority.

The land will be used for property projects, it said.