Investment company Blominvest Saudi Arabia has signed an agreement with SinoGulf to develop an industrial logistics park in Riyadh through a private fund that it will manage.
Abdullah Saud AlRashoud, CEO of Blominvest, revealed that the main purpose of the fund is investment in the industrial real estate sector through the acquisition of a plot located in Eastern Riyadh.
With a fund size of SR1.15 billion ($306.6 million), the project will cover an area of 1.1 million sq m and will include warehouses, office space, and labour camps to be built over a period of four years, the company said in a statement.
Hussain Al Awlaqi, chairman of SinoGulf said: “We are excited to continue investing in the Saudi market and look forward to partnering with a reputable establishment like Blominvest. We will remain committed in delivering quality products, in line with our previous developments in the UAE and Saudi Arabia.”
Blominvest has launched several real estate funds over the last few years with a total value of SR5.1 billon, the statement added.
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