The Quality of Life Program, a Vision Realization Program of Vision 2030, has signed an MoU with Areeb Capital to work together to invest in sectors that contribute to increasing the quality of life in Saudi cities.
Signed at the Cityscape Global exhibition in Riyadh, a global real estate development event that took place from Sept. 10-13, QOL was represented by CEO Khalid Albaker, while Areeb Capital was represented by Chairman of the Board of Directors Yasser bin Alawi Fadaq. The signing took place under the patronage of Saudi Minister of Municipal and Rural Affairs Majid Al-Hogail, who also serves as the current minister of housing.
“This is an excellent chance for us to work together to build a baseline for investing in the sectors that actually enrich people’s lives,” said Albaker. “From arts and entertainment to parks, sports, hobbies, and other recreational activities, we are looking at the many ways in which public-private partnerships can build a better Kingdom for all of us.”
The MoU will facilitate investment advisory services and financial studies that help direct capital to sectors that improve the livability of Saudi cities. These improvements include better public services, increasing sports and entertainment offerings, supporting the arts and culture, and upgrading the overall urban landscape.
In addition to exploring projects that contribute to the improvement and humanization of Saudi cities, the MoU also prioritizes specific support for increasing the number of amateur hobby clubs in the Kingdom.
Backed by MOMRAH, Cityscape Global provided a world-class platform for real estate entities to showcase their products and services to a diverse and international audience.
Taking place for the first time in Riyadh, the four-day event attracted more than 180,000 attendees. Revolving around the theme “The Future of Living,” it featured over 350 exhibitors, more than 300 international and local speakers, and over 2,000 investors.
Established in 2008, Areeb Capital is a Jeddah-based investment firm that specializes in asset management, real estate investments, advisory services, and more.