Saudi-based Al Ramz Real Estate has signed an agreement for the establishment of a shariah-compliant real estate investment fund, to be managed by Oud Capital  for the purpose of developing the Al Ramz Front residential project in Jeddah. Located on a 47,794-sq-m area within the Al Firdous district, the integrated community development will boast a total of 900 residential units. 

The target fund size is SAR650 million ($173 million), said Al Ramz Real Estate in its filing to the Saudi bourse tadawul. 

The Saudi group will participate in the fund with an in-kind contribution valued at SAR81.6 million, representing a partial ownership of the land. 

In another development, Al Ramz Real Estate said it has acquired a prime 8,600-sq-m plot of land in Al Malqa district of Riyadh for the development of a residential project comprising 135 apartments along with premium amenities. 

The new residential project is being built in accordance with the highest quality standards, and in alignment with the company’s strategy to develop integrated residential projects.