Riyadh - Mubasher: Mulkia Investment Company announced the launch and commencement of operations of Mulkia Al Anwar Real Estate Fund, a private closed-end real estate fund with a total investment volume of approximately SAR 650 million.

The company explained, in a statement on the "Tadawul" website today, Thursday, that the fund aims to own raw land with an area of approximately 2.6 million square meters located in the north of Buraidah city.

In its statement, Mulkia Investment said that the fund aims to develop the infrastructure of the land, divide it and sell it as developed plots of land with the possibility of developing the superstructure of part or all of the land, as the memorandum of understanding signed with the property owners was terminated and work was then done in a non-exclusive and non-binding manner for both parties regarding the acquisition of the property, and this resulted in the agreement of the two parties and the launch of the fund.

The company added that a positive impact on the company's revenues is expected to exceed 5% of total revenues in the latest audited annual financial statements.