Riyadh – Mubasher: Aljada First Real Estate Development Company announced the establishment of the Aljada Industrial Real Estate Fund, with a total value of approximately SAR 700 million.

In a statement to Tadawul on Thursday, First Avenue explained that the fund aims to acquire land in Al-Dilam Governorate (south of Riyadh) covering an area of approximately 3.64 million square meters.

The company reported that 55% of the total land area has been cleared for the benefit of the fund, and that all relevant legal and regulatory requirements have been met. Work is underway to complete the clearing of the remaining area of the project in the coming period.

First Avenue revealed that Bloom Investments will manage the fund, while First Avenue will act as the project developer in exchange for a development fee equivalent to 8% of the development cost. The company's share in the project is 5.25 % .