Retal sets up Rimal Park Fund with estimated value of SAR 65 mln

12/04/2023 Argaam
Logo ofRetal Urban Development Co.

Logo of Retal Urban Development Co.

Retal Urban Development Co. established Rimal Park Fund (private real estate fund) with an estimated cash and in-kind value of SAR 65 million, which represents 33% of the fund's equity.

 

The fund aims to develop a luxurious business complex and a residential and commercial complex over two adjacent land plots spanning 54,503 square meters in Al-Khobar, Retal said in a statement to Tadawul.

 

The fund has a five-year term and is managed by BLOMINVEST Co.

 

Board Chairman Abdullah bin Abdullatif Al-Fozan, Vice Chairman Ali Abdullatif Al-Fozan and board member Fozan Mohammed Al-Fozan are related parties, Retal concluded.

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