Naif Al-Rajhi Investment inks deal for real estate venture
Naif Al-Rajhi Investment Company signed a memorandum of understanding (MOU) with the Dubaibased Union Properties Real Estate Company in Riyadh to set up a limited liability company specialized in real estate investment and development in the Kingdom .
Naif bin Saleh Al-Rajhi, CEO of Naif Al-Rajhi Investment Company and Ahmed Khalaf Al-Marri, general manager of Union Properties, signed the MoU recently.
The agreement includes real estate management, the purchase of residential and commercial Assets, and the purchase of land for the purpose of commercial and residential development.
“The Saudi market is one of the most attractive investment destinations, and signing this MoU with Naif Al-Rajhi Investment Company, leading Saudi real estate investment companies, comes within our objectives to pursue new investment opportunities in the Saudi Real estate market that is witnessing a sustainable growth,” Al Marri said following the signing ceremony.
Al-Marri pointed out that the accord comes in line with UP’s expansion strategy within the Arab region that will contribute in increasing the investment opportunities and enhance mutual cooperation for the best interest of our shareholders.
On his part, Al-Rajhi said the alliance with Union Properties is con- sidered a step toward strategic and influential presence in the region.
Union Property has been one of the leaders in the United Arab Emirates real estate industry for more than 27 years by implementing innovative and creative ideas which will be shared by his company.
“Credibility, confidence and local knowledge of the Saudi market are Naif Al Rajhi Investment Company’s core values which helped us excel in the Saudi market,” he said.
“Our unique and diversified investments in addition to our belief in the local talents have made us stand out in the Saudi market, and maintain the confidence of our partners, this attracted the attention of regional and international companies,” he said.
Al-Rajhi said that the company will develop a distinctive real estate project with their UAE partner which will be announced soon.
The Naif Al Rajhi Investment Company, the leading Saudi group, pursues its investments based on knowledge, planning and global expertise in various effective and influential sectors.
In addition, the company invests in many fields such as private equity, facilities management, industrial sector, marketing and communication, e- commerce, hospitality, food and beverages and social entrepreneurship.
Naif Al- Rajhi Investment Company reinforced its presence in the UAE and is seeking to expand its business in the world through its headquarters in the United Kingdom.