Riyadh-Mubasher: The Public Investment Fund (PIF), Saudi Arabia's sovereign wealth investment vehicle, has made progress in establishing a real estate development company with SAR 18 billion capital, Al-Riyadh newspaper reported.
The new entity will develop central Riyadh in coordination with government bodies such as Arriyadh Development Authority and Riyadh Municipality.
The move is pending the expropriation of some areas, which may cost SAR 2 billion. The ministry of housing will own a share in the new location after expropriation and rehabilitation of the region.
