Dallah launches new fund, inks SAR 741M development deal

Wahet Al-Nakheel Fund aims to develop a mixed-use project on King Fahd Road in Riyadh

Dallah Healthcare Co. announced the launch of Wahet Al-Nakheel Fund, a SAR 1.2 billion real estate investment fund.

The fund aims to develop a mixed-use project on King Fahd Road in Riyadh, comprising medical, commercial, office and hotel facilities built to the highest standards, the company said in a statement on Tadawul.

The fund appointed Tatweer as the project’s developer and signed a SAR 741 million agreement with the company to oversee design, excavation, execution, and construction, as well as to obtain the required approvals.

The completion timeline is 51 months, with the work scope covering design, excavation, construction, and securing all necessary approvals.

The fund is jointly owned by Dallah Healthcare, Dallah Real Estate Co., and Tatweer, with Aljazira Capital serving as the fund manager.

Dallah Healthcare added that the financial impact of the deal cannot be determined at this stage or the period in which it may materialize until the project is completed. Any material developments will be disclosed in due course.

A board of directors has been formed for the fund, which will oversee project implementation, including development work and securing the necessary funding.

Related parties include Tarek AlKasabi, Chairman of Dallah Healthcare and Chairman of Aljazira Capital; Mohiuddin Saleh Kamel, partner and board member at Dallah Real Estate, board member at Dallah Albaraka Holding (a major shareholder) and Vice Chairman of Dallah Healthcare; Abdullah Saleh Kamel, partner and board member at Dallah Real Estate and Chairman of Dallah Albaraka; Hadeel Saleh Kamel, partner and board member at Dallah Real Estate and board member at Dallah Albaraka; Saleh Abdullah Kamel, board member at Dallah Real Estate and senior executive at Dallah Albaraka; and Abdulaziz Mohamed Abdu Yamani, senior executive and board member at Dallah Real Estate, and senior executive and board member at Dallah Albaraka.

According to data with Argaam, Dallah Healthcare signed a non-binding memorandum of understanding (MoU) in July 2024 with Aljazira Capital, Dallah Real Estate and Tatweer to establish a private real estate fund with an estimated value exceeding SAR 1.2 billion.