Saudi Arabia-based asset manager Sedco Capital has unveiled a new real estate fund dedicated to a development project in Jeddah.
Sedco has teamed up with India-based Mask Investment Company and Ajdan Real Estate Development Company for the fund launch.
The principal purpose of the fund is to support the development of Grand Square, a mixed-use project in Saudi city Jeddah.
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According to Ajdan CEO Mohammed bin Abdulmohsen Al Otaibi, the project is aligned with Saudi Arabia’s Vision 2030 programme in terms of urban design and a mix of residential, commercial and tourist accommodation.
It is hoped that the development project will also drive tourism and promote sustainability, according to Mask Investment CEO Hani Halwani.
The fund launch is another property-themed fund for Sedco Capital which already has a real estate investment trust (Reit) fund which invests in Saudi property.