SAUDI ARABIA: Saudi investment firm anb capital has appointed Riyadh Development Company as the developer of a REIT fund worth over SAR2.1 billion (US$558.85 million) managed by ANB Capital for a period of four years.
After the Capital Market Authority’s approval, the fund will own and develop a land area of 1.8 million square meters which spans across three plots in Al Rimal, Al Qadisiyah and Al Janadriyah east of Riyadh. Riyadh Development Company also participates as an investor of the fund with an estimated share of 10% of the fund’s value.
