RIYADH: Saudi Real Estate Co., or Al Akaria, received approval from the Capital Market Authority to raise its capital through a SR1.6 billion rights issue ($426 million), according to a bourse filing. In its announcement, the company stated that this approval depends on agreement by the company"s extraordinary general assembly as well as the completion of all relevant regulations and procedures. The rights issue will be open to shareholders who register at the Securities Depository Center, Edaa, by the close of the second trading day following the extraordinary general meeting, EGM, the authority said in a statement. Established in 1976, Al Akaria is one of Saudi Arabia"s leading real estate firms with a track record of delivering residential, retail, and commercial projects.