Asas Makeen sets up new fund for Riyadh land development

Summary:

Asas Makeen Real Estate Development and Investment Company has signed a framework agreement with MEFIC Capital and Binaa Altharwat Financial Investment Company to establish a private real estate investment fund aimed at developing two land plots in Riyadh's Al Hamra district, totaling approximately 3,834 sq m. The fund's initial target size is SAR73.4 million ($20 million). Asas Makeen will contribute land valued at SAR30.67 million, with 30% as an in-kind contribution. The agreement includes development fees of 10% of total costs and brokerage fees of 2.5% of the land value, valid for 90 days or until fund establishment.