Ladun signs MoU for Al Munsiyah real estate project in Riyadh

Logo of Ladun Investment Co. (Ladun)

Ladun Investment Co. (Ladun) signed today, April 14, a memorandum of understanding (MoU) with Asbar Al Usool Co. (Asbar Capital) to study and implement a mixed-use real estate development project in Al Munsiyah district, Riyadh, along the Sports Boulevard.

The project will be developed on land owned by Asbar Al-Munsiyah Fund. Estimated construction costs exceed SAR 250 million, excluding the value of assets, development fees, and value-added tax (VAT).

In a statement to Tadawul, the company said it will act as the appointed developer for the fund, providing services including feasibility studies for optimal land use, design management, execution, marketing, and sales.

The land covered by the MoU consists of four plots located on Prince Mohammed bin Salman Road—plots No. 26 to 29 in block No. 5—with a total area of 16,800 square meters.

The project aims to deliver a range of real estate products, including a hotel building, luxury residential units (some for operation and others for sale), and retail outlets.

The MoU is valid for six months from the date of signing and is renewable.

There are no related parties to the deal, the statement added.

There is currently no financial impact. Any future financial impact will be announced in due course.

It also stated that the Asbar Al-Munsiyah Fund is a closed-end real estate fund regulated by the Capital Market Authority (CMA) and subject to applicable governance standards, with a size of up to SAR 1 billion.