Riyadh – Mubasher: BMG Financial Group (BMG) signed a memorandum of understanding (MoU) with the UK-based Long Harbour to manage a real estate portfolio which will start with SAR 415.63 million (GBP 300 million), BMG CEO Basil Al Ghalayini said.
The deal entailed launching an investment fund to invest in the British real estate market, he added.
The fund will invest in residential and commercial properties for five years, Al Ghalayini said, noting that this contract is part of BMG’s plans to boost cooperation with the firms which have a long-standing experience in the real estate sector.
The Saudi Crown Prince Mohammed bin Salman started his visit to London in the previous week.
On Friday, 9 March, Saudi Arabia and Britain approved implementing 200 projects with a total value of nearly SAR 57 billion (GBP 11.5 billion) in the car and banking sectors.
The two nations seek to increase bilateral trade and investments to GBP 65 billion.
Trade exchange between Saudi Arabia and Britain reached SAR 116 billion ($30.9 billion), between 2013 and 2017, as shown by the data of the Saudi General Authority for Statistics (GASTAT).
