SAUDI ARABIA: Sidra Capital will manage a closed-ended real estate investment private fund to be launched in Q1 2025 for a Knowledge Economic City (KEC) project to be undertaken by Raseel Properties. The Al Duha mixed-use project on a land plot along King Abdulaziz Road in Riyadh involves a SAR1.04 billion (US$277.33 million) investment to deliver 150 hotel keys and 576 residential apartments by Q1 2029. The project also features about 20,000 square meters of leasable office space plus multi-use leasable retail space.
Separately, the Saudi Capital Market Authority approved the proposed IPO for Adeer Real Estate Company in the Parallel Market within the next six months, involving a million shares representing 20% of its share capital. Also approved is the IPO plan for Umm Al Qura for Development and Construction to offer 130.79 million shares representing 9.09% of its share capital.
