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Umm Al-Ma'een Signs Agreement to Establish a Real Estate Land Development Fund in Riyadh
Basak Makeen Real Estate Development and Investment Company has signed a framework agreement with Mifk Capital and Binaa Al Tharwat Financial to Invest, with the aim of establishing a private real estate investment fund for the development of a land owned by the company in the Al Hamra neighborhood of Riyadh. The agreement includes the company's investment with an in-kind share representing 30% of the land's value, which amounts to 30.67 million SAR, with an overall targeted fund value estimated at approximately 73.44 million SAR. Mifk Capital will be responsible for establishing the investment structure, while Binaa Al Tharwat Financial will handle the distribution of fund units. The agreement is expected to have a positive impact on the company's financial results during 2026 and 2027 following the completion of the final procedures.
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