SAUDI ARABIA: Umm Al Qura for Development and Construction (UAQ) has signed a non-binding tripartite MoU with Aljazira Capital and Naif Al Rajhi Investment Company to launch a SAR1.4 billion (US$373.3 million) real estate private fund. The fund will focus on developing two land plots within the Masar Destination in Mecca, comprising hospitality, residential and commercial components. Under the MoU, UAQ will contribute the land as an in-kind investment, while Naif Al Rajhi Investment will participate through both cash and in-kind contributions. Aljazira Capital acts as the fund manager and Naif Al Rajhi Investment as the developer for this fund.
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