Mulkia Investment signs acquisition agreement for Tuwaiq Residential Complex on behalf of its real estate fund

Logo of Mulkia Investment Co.

Mulkia Investment Company has signed an agreement to acquire the Tuwaiq Residential Complex, located in the Tuwaiq district in western Riyadh, with a land area of 710,877 square meters and built-up areas exceeding million square meters. The acquisition is being made on behalf of the Mulkia Tuwaiq Real Estate Fund.

The project's funding sources will include Shariah-compliant bank facilities. Additionally, the fund manager, Mulkia Investment Company, plans to raise capital from investors interested in subscribing to the fund in order to complete the necessary development and licensing work for the project and subsequently begin selling units.

The property is distinguished by its scale, as it is the largest residential complex for employees and workers in Riyadh. It is also strategically located at the intersection of Jeddah Road and Najm Al-Din Al-Ayyubi Road in western Riyadh, just four kilometers from the nearest Riyadh Metro station and close to several upcoming major developments in the capital.

The residential and service facilities have been distributed in a way that ensures residents’ comfort and easy access to all essential services, including water, electricity, and sewage systems. The property is considered a fully integrated model city designed specifically to house employees and laborers, and is equipped with comprehensive security and surveillance systems.

The project comprises 52 blocks, with 214 buildings designated for employees and workers, along with 27 plots allocated for commercial and hotel-style residential use. These are distributed across nine groups and eight service areas, in addition to spaces designated for public parks, playgrounds, a civil defense building, a health center, a fuel station, and a private hospital with a capacity of 120 beds.

Mr. Omar bin Abdulkarim Al-Othaim, CEO of Mulkia Investment Company, stated that these agreements align with the company’s strategic plans to offer diverse investment options. Today, the company provides its valued clients with exceptional opportunities across various regions across Saudi Arabia. He added that Mulkia Investment Company aims to contribute to the development of key projects that support national economic growth and advance the objectives of Saudi Vision 2030.

It is worth noting that Mulkia Investment Company is a leading Saudi investment firm in the fields of real estate investment and asset management. It is licensed by the Capital Market Authority to engage in securities dealing, investment management, fund operation, securities arrangement, advisory services, and securities custody.