Retal, a Saudi-based property developer, has joined forces with a local fund manager to launch a SR500 million (US$133 million) real estate fund.
The Saudi Alpha Capital Fund for Real Estate Development plans to use this capital to invest in a local development project called Marassi.
The project will include 750 residential plots in addition to public services. They will be between 375 and 600 square metres in size.
Retal will be responsible for developing the project which will include 750 residential plots and public services.
According to Fahad bin Khaled Al-Saud, managing director and chief executive of Alpha Capital, the two companies plan to cooperate on $2 billion worth of real estate projects over the course of the decade.
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