RIYADH: Saudi Arabia’s Innovest Properties, one of the Kingdom’s largest investment and property companies, has launched the SR755 million ($200 million) Al-Ahssa Real Estate Investment Fund with Lebanon’s Blominvest.
Innovest Properties has previously developed the residential communities in Al-Bayraq in the Eastern Province, which provided more than 1,100 housing units under the Sakani Program, it said in a statement.
Al-Ahssa Real Estate Investment Fund is a closed private investment fund licensed by the Saudi Capital Market Authority (CMA) and compliant with the regulations of the Shariah Supervisory Board.
The fund aims to invest in the urban area west-south of Al-Ahsa city. The plan is to acquire a sector of raw land to be developed and marketed in the form of residential plots and commercial facilities.
“The launch of this fund is a major tributary that contributes to the development and consolidation of the real-estate sector in the region and crowns our investment successes in the residential real estate sector,” said Innovest Properties Chairman Mohammed Alkhars.