SNB Capital Company and Al-Shegrey Investment Group have announced the launch of Al-Ahli Al-Basateen Real Estate Fund with a value of SR1 billion ($266.66 million). This fund aims to invest in and develop office and commercial projects in Al-Basateen District in Diriyah province, Riyadh, in response to the growing demand in the office and commercial real estate sectors in the capital city.
Al-Basateen Real Estate Company, as the developer of the fund, will be working on two projects in Diriyah province, located on King Khalid Road and Imam Saud bin Faisal Road. The first project, Al-Basateen Offices, covers an area of 25,072 square meters, offering office spaces of more than 30,000 square meters. The second project, Al-Basateen 360, covers an area of 10,326 square meters, providing both commercial and office rental spaces of up to 13,000 square meters.
Abdulaziz Khalid Al-Shegrey, CEO of Al-Basateen Company, said: “We are proud of this partnership, which represents a new milestone in developing unique and high-quality projects that cater to the growing demand for the office and the commercial sectors in Riyadh. This project will serve as an exemplary model in achieving integration between modern designs, the cultural identity, and the authentic architectural heritage of the Kingdom. We aim to leverage the wide horizons opened by Saudi Vision 2030 to enhance the real estate sector and elevate its products.”
“This step is motivated by our deep belief in the importance of empowering and developing the real estate sector, which is witnessing a remarkable boom as one of the promising sectors with an essential role in achieving the goals of Saudi Vision 2030. It also reflects our commitment to empowering investors and providing them with the skills and investment products necessary to achieve growth and prosperity, and we are proud to be an active element in this project,” said SNB Capital CEO Rashed Sharif.
SNB Capital is the largest asset manager in Saudi Arabia with SR246.19 billion of assets under management as of December 2023.
Meanwhile, Al-Basateen Real Estate Company, as a subsidiary of Al-Shegrey Investment Group, has successfully launched numerous infrastructure projects, residential complexes, hotels, and commercial centers. The company’s development philosophy revolves around providing a prosperous lifestyle for the targeted segments at all usage levels. Al-Basateen District is the company’s flagship project, a vibrant community spanning 441,000 square meters located in Diriyah province.