SAUDI ARABIA: Ayyan Investment Company has signed a 90-day MoU with Al Rajhi Capital, a financial services firm and Sumou Holding Company to establish a mixed-use private real estate fund in the Al Janadriyah district of Riyadh, with the proposed project carrying an estimated value exceeding SAR600 million (US$159.99 million).
The fund will own the land and develop commercial and residential structures. Ayyan Investment will contribute its land holdings as an in-kind investor, Al Rajhi Capital will act as fund manager and Sumou Holding will serve as project developer.
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