Retal Signs MoU with Al Bilad Capital to Launch SAR 2 Billion Closed-Ended Real Estate Fund

Retal Urban Development Co. announced on Thursday the signing of a memorandum of understanding with Al Bilad Capital Co. to launch a closed-ended real estate investment fund to develop and manage a multi-use project with an estimated value of SAR 2 billion.

According to the statement published on “Tadawul”, the project is located in the Qurtubah district in Riyadh on a land area of 192,000 square meters.

The project aims to develop an integrated real estate destination that includes multi-use spaces that will be designed in the Salmani style and in accordance with the sports track code, which contributes to achieving the goals of the Kingdom’s Vision 2030 to create a high quality of life by paying attention to environmental and modern urban aspects.

The company said that the memorandum of understanding is valid from the time of signing until its completion or the termination of negotiations by one of the parties, whichever comes first.