Inmar, Al Rajhi Capital to study setting up 3 funds worth SAR 1B

Logo of Inmar Co. for Real Estate Development and Investment

Inmar Co. for Real Estate Development and Investment signed, on Aug. 26, a memorandum of understanding (MoU) with Al Rajhi Capital to explore the establishment of three investment funds with a combined value of SAR 1 billion.

In a statement on Tadawul, the company said the MoU sets out a framework for cooperation between the two parties to assess the feasibility of establishing the real estate investment funds.

The process will include valuations, due diligence, and the required studies, as well as completing financing procedures and obtaining relevant regulatory approvals.

The MoU is valid for 120 days and will be automatically extended for an equivalent period or periods if the fund establishment process or any related procedures remain ongoing.

Inmar noted the financial impact cannot currently be determined.