Al-Basateen district in Saudi Arabia’s Diriyah governorate is on track to receive a boost thanks to the launch of a SR1 billion ($266 million) real estate fund.
Saudi asset manager SNB Capital Co., in partnership with Al-Shegrey Investment Group, has announced the inauguration of Al-Ahli Al-Basateen Real Estate Fund, which will invest in and develop commercial projects in the district.
This comes in response to the growing demand for workspace and commercial properties in the Kingdom’s capital city.
“This project will serve as an exemplary model in achieving integration between modern designs, cultural identity, and the authentic architectural heritage of the Kingdom,” Al-Basateen Co. CEO Abdulaziz Khalid Al-Shegrey said.
He added: “We aim to leverage the wide horizons opened by Saudi Vision 2030 to enhance the real estate sector and elevate its products.”
SNB Capital CEO Rashed Sharif stressed that: “This step is motivated by our deep belief in the importance of empowering and developing the real estate sector, which is witnessing a remarkable boom as one of the promising sectors with an essential role in achieving the goals of Saudi Vision 2030.”
“It also reflects our commitment to empowering investors and providing them with the skills and investment products necessary to achieve growth and prosperity, and we are proud to be an active element in this project,” Sharif added.
As the developer of the fund, Al-Basateen Real Estate Co. will be working on two projects in Diriyah, located on King Khalid Road and Imam Saud bin Faisal Road respectively.
The first project, Al-Basateen Offices, covers an area of 25,072 sq. m, offering office spaces of over 30,000 sq. m.
The second project, Al-Basateen 360, covers an area of 10,326 sq. m, providing both commercial and office rental spaces of up to 13,000 sq. m.