Alramz, Assayel go in on SAR 370 mn real estate fund, 3 years to go for our rail link with Turkey

Alramz Real Estate and Assayel Arabia are setting up a SAR 370 mn shariah-compliant real estate investment fund, according to a Tadawul disclosure. The Alahli Alramz Assayel Residential Fund will finance the development of the Ramz Al Raed 2 residential project in Riyadh’s Al Raed district, which is expected to include around 290 apartments built on a 15k sqm plot.

Who does what? Ownership of the fund will be split evenly between the two companies, with SNB Capital acting as fund manager and Alramz as developer and exclusive marketer.

A growing pipeline: In April, Alramz revealed plans to set up a SAR 650 mn real estate fund for its Al Ramz Front residential project in Jeddah. In February, it secured a SAR 91 mn 36-month contract with PIF-backed developer Roshn Group to design and build 240 units.

Three years to go for our rail link with Turkey

When will our rail link with Turkey be ready? According to Turkish Transport MinisterAbdulkadir Uraloğlu within three years. The minister expects the link to expand into Europe. The Kingdom is set to wrap up a study on the proposed rail link by year-end to create an integrated transport network for goods and services.

Riyadh and Ankara to expand rail cooperation: Saudi Arabia Railways and the Turkish State Railways plan to boost cooperation on railway maintenance, infrastructure development, capacity management, training, and consulting under a newly-signed MoU, according to state news agency SPA.