Riyadh – Sharikat Mubasher: Al-Arabi Capital and Tharwa Saudi Company announced the signing of a memorandum of understanding (MoU) to appoint Tharwa Saudi Company as the developer of a real estate investment fund worth about SAR 2 billion managed by Al-Arabi Capital.
The company explained that the MoU aims to develop the infrastructure of a project extending over an area of 4.2 million square meters in eastern Riyadh, according to a press release.
Al-Arabi Financial Company will manage the fund as its manager, and the fund will own and develop the lands, while “Tharwa Saudi” will participate, through its role as a developer appointed by the fund, in developing the infrastructure on the entire land area of 4.2 million square meters in the East District.
Commenting on this, Khalid bin Saleh Al-Ghamdi, CEO of Al-Arabi Capital, said: “This partnership is in line with the Kingdom’s vision to diversify the economy and enhance the quality of life for its citizens. This partnership contributes to achieving the Kingdom’s goal of raising the rate of home ownership to 70% by 2030, through developing a modern infrastructure and prosperous communities.”
Abdullah Al-Abdulkarim, Acting CEO of Tharwa Saudi Arabia, added: “This partnership with Al-Arabi Financial Company is evidence of our unwavering commitment at Tharwa Saudi Arabia to complete integrated and innovative infrastructure development projects in the Kingdom and build communities according to the highest international standards, which contributes to achieving the goals of the Kingdom’s Vision 2030.”
