Riyadh – Mubasher: Al Ramz Real Estate Company signed an agreement to establish a Sharia-compliant real estate investment fund, named Alahli Alramz Assayel Residential Fund, at SAR 370 million.
The joint venture (JV) is equally owned between Al Ramz Real Estate Company and Assayel Arabia Real Estate Company, according to a bourse disclosure.
SNB Capital will be the fund’s manager for the development of the Ramz Al Raed 2 residential project located in the Al Raed district in Riyadh.
Under the agreement, the listed company will act as the developer and exclusive marketer of the project, which aims to launch an integrated residential community comprising approximately 290 residential units.
Meanwhile, the development contract value will be determined upon completion of the designs and obtaining the required approvals and licenses.
The development fee has been set at 10% of the total contract value. Al Ramz will also receive a marketing and sales commission of 2.50% of the fund’s total sales value.
The transaction is expected to positively contribute to the company’s financial performance from 2026 until 2029. This is in addition to boosting Al Ramz investment portfolio and driving its sustainable growth.
In May, the Tadawul-listed company penned definitive agreements to acquire the remaining shareholder units in Al Ahli Aleen Enbar Real Estate Fund at SAR 133 million.
