Alramz deploys IPO strategy with SAR 2.5 bn Riyadh project

Tadawul newcomer Alramz Real Estate is wasting no time in deploying its IPO strategy, inking an agreement to set up a shariah-compliant real estate investment fund managed by SNB Capital to lead a SAR 2.5 bn residential project in Riyadh, it said in a Tadawul disclosure yesterday. The developer is delivering on its pledge to use around 36% of IPO proceeds to seed real estate funds.

The terms: The agreement structure sees Alramz contributing SAR 105 mn into the fund to develop the Rabwa Alramz project in the Al Safa district. The firm is developing a 219.1k sqm plot owned by Awj Real Estate. In exchange for developing 1.3k units, Alramz secures a 10% development fee and a 2.5% marketing fee on total sales, locking in revenue regardless of the final earnings split.

Mawani backs Jubail Commercial Port upgrade

Arabian Chemical Terminals will build storage facilities for the handling and export of chemicals and petrochemicals at the Jubail Commercial Port, after securing a land lease contract worth over SAR 500 mn from the Saudi Ports Authority (Mawani). The development will take place on a 49k sqm plot and will deliver 70k cubic meters in total storage capacity, Mawani said in a statement yesterday.

The project will serve as a gateway for Saudi exports and imports to global markets, supporting King Abdulaziz Port in Dammam.

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