Saudi Arabia’s Public Investment Fund, the kingdom's sovereign wealth fund, has bought a substantial plot of land in northern Riyadh for $578.64 million at an auction.
The transaction is believed to be the largest real estate deal of its kind, according to Etqan property firm, which handled the transaction.
The underdeveloped Al Ghadir plot, which reportedly belonged to late businessman Saleh Abdulaziz al-Rajhi, is situated at a prime location in the capital, opposite the modern finance hub King Abdullah Financial District (KFAD).
The 434,400 square metres large land sold for $1,333 per square metre, Etqan said.
In an interview last week, Saudi Crown Prince Mohammed bin Salman said PIF will increase its assets to $600 billion by 2020 in line with the country’s plan to diversify its economy away from oil.
PIF is also among investors backing NEOM, the $500 billion business and industrial hub which will stretch into Jordan and Egypt.
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