Naif Alrajhi Investment and Aljazira Capital launched a closed SAR 1.7 bn real estate investment fund, according to a press release. The fund will focus on developing two real estate projects in Riyadh and Jeddah.

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The details: The fund will back a luxury residential project in Al Khuzama district in Riyadh, In Jeddah, it will support a mixed-use development in North Jeddah along King Abdulaziz Road, featuring residential and commercial buildings, a luxury hotel, retail space, offices, and dining venues.

This fund marks the latest in a series of real estate pushes by Aljazira Capital. The firm formed a SAR 2 bn agreement with Ajdan Real Estate Development to launch the Aljazira Ajdan Real Estate Fund and build mixed-use towers in Riyadh in September 2024. More recently, Aljazira was also reported to be working alongside Dallah Healthcare, Dallah Real Estate, and Tatweer to launch a fund targeting a mixed-use development on Riyadh’s King Fahd Road.

ICYMI- Naif Alrajhi Investment partnered with Morocco’s Travaux Généraux de Construction de Casablanca to jointly develop construction and real estate projects in Saudi through the TGCC’s local subsidiary.

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