The beach fund acquires a land worth 188 million riyals

Al -Jahada Al -Awalks Real Estate Development Company received a notification from the CICO Financial Company as the director of the Real Estate Beach Fund – a real estate investment fund in which the company owns a share of 15% at a value of 30 million riyals – stating that the fund is acquired on commercial land in the city of Jeddah, in Al -Shati district, on Sari Street.
According to the company’s statement on the circulation of Saudi Arabia, the land area is 15,000 square meters, while its value is 188 million riyals, while the land was emptied in favor of the fund.
The land is characterized by its vital and strategic location, and a 5.6 building factor, and the fund intends to develop a multi -use project that includes commercial, office, residential, and hotel components, in line with the needs of modern urban development in the city of Jeddah.
This step comes within the Fund’s strategy to maximize investment returns, and is expected to contribute to enhancing the value of the company’s indirect investments in the real estate sector.
The Fund is an extension of the strategic commercial relationship that was previously announced with the Au Oujer Real Estate Development and Investment Company in order to develop joint projects.