RIYADH: Saudi Real Estate Co., also known as Alakaria, aims to invest SR6 billion ($1.6 billion) over the next five years, the firm’s CEO said in an interview with Al-Arabiya. The investment is planned to be in existing projects between 35 and 45 years old, reviving multi-use projects and residential developments, Ibrahim Alwan added. This comes following the company’s general assembly agreement to raise the firm’s capital by 56 percent to reach SR3.75 billion. Alakaria previously explained that the increase in capital was aimed at financing and implementing its future plans, expanding its activities and repaying part of the credit facilities.