Alawwal Invest and Al Habib Sign Agreement

Alawwal Investment Company and Mohammad Al Habib Real Estate have signed an agreement to establish a closed-end real estate investment fund with a targeted size of 250 million riyals.

This came as part of the activities of the Restatex Real Estate Exhibition, which concluded recently in Riyadh.

Through this agreement, the two companies aim to develop residential products with modern designs, high quality, and competitive prices, meeting the aspirations and needs of housing seekers by enhancing the quality of the offered residential products and services. The project is located in the northeast of Riyadh on a land area of 30,000 square meters and targets the development of over 250 housing units. It is expected that the fund will commence its operations in the second quarter of this year.

It is worth mentioning that Saudi home ownership is one of the key objectives of the Kingdom’s Vision 2030, where it aims to raise the homeownership rate for citizens to 70%.

Currently, Alawwal Investment Company manages assets exceeding 16 billion riyals, and this signing is part of the company's strategy for continuous development and growth. It aims to increase the size of its managed assets in the real estate investment sector and provide various investment products to its clients.


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