SAUDI ARABIA: Al Ramz Real Estate has signed an agreement with Oud Capital to establish a Shariah compliant real estate investment fund to develop the Al Ramz Front residential project in Jeddah. The fund is targeting a size of approximately SAR650 million (US$173.21 million), with Al Ramz participating through an in-kind land contribution valued at around SAR81.6 million (US$21.75 million). Under the agreement, Al Ramz will act as the developer and exclusive marketer of the project, which will comprise around 900 residential units in the Al Firdous district. The total development value is estimated at SAR268.8 million (US$71.7 million), with the company entitled to development fees of 10% and marketing fees of 2.5% of total sales. The transaction is expected to contribute to financial performance between 2026 and 2029. Oud Capital is a related party, with Al Ramz holding a 25% stake.
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