RIYADH: Saudi Arabia’s Jadwa Investment has unveiled a Shariah-compliant real estate development fund with a target size of SR1 billion ($267 million).
Known as Al Dar Investment Fund 2, it was launched in partnership with Dar Al Majed Real Estate Co. and Arab National Bank, according to a statement.
It is an extension of the first SR1 billion Al Dar Investment Fund, which was launched in the first quarter of 2021.
“The fund aims to acquire multiple land plots across prime locations in Riyadh, and to develop these plots into residential apartment complexes targeting mid-to-high income households,” the statement said.
Tariq Al-Sudairy, CEO of Jadwa Investment, added: “Al Dar Investment Fund 2 offers clients the opportunity to invest in the strong fundamentals of the residential real estate sector and in partnership with Dar Al Majed Real Estate Co.”