RIYADH: Real estate development in the Eastern Province is set to receive a boost as two Saudi firms agree to launch a fund worth SR1.37 billion ($365 million) to drive investment in the sector. Mohammed Al-Nahdi Real Estate and Alinma Investment, the investment arm of Alinma Bank, have announced the launch of the Alinma-Al-Nahdi Real Estate Fund, a property reserve to develop prime land strategically situated in the Eastern Province spanning an area of over 1.6 million sq. m. In a statement, Abdullah bin Salmeen Al-Nahdi, CEO of Mohammed Al Nahdi Real Estate, emphasized that the fund’s launch reflects his company’s dedication to shaping the Kingdom’s property landscape. He also underscored his firm’s dedication to enriching its investment portfolio by introducing unique projects to address the housing needs outlined in Saudi Arabia’s 2030 Vision. The CEO explained that his property firm will develop the land to become the premier destination for housing and real estate investment in the EP. This development will encompass integrated residential communities, public buildings, commercial zones, and entertainment areas. It aims to provide a comfortable and safe residential environment for citizens while enhancing the region’s quality of life. Al-Nahdi pointed out that the sales permit has been issued, and the project will be sold in stages during the implementation works. This will allow investors and buyers to benefit from diverse and flexible ownership options that suit their needs and aspirations. The CEO highlighted that the sales permit has been issued, and the project will be progressively released during the implementation phase. Mazin Fawaz Baghdadi, CEO and managing director at Alinma Investment, said that the fund’s investment objective is to achieve medium-term capital growth through direct investments in the Kingdom’s real estate sector. Additionally, Baghdadi emphasized the significant role of real estate development funds as tools that stimulate investment and increase the supply of established land through developmental and urban projects in the Eastern Province. He stressed that this initiative aligns with Saudi Arabia’s Vision 2030 by boosting the supply of housing units. As per the announcement, the land is situated along King Abdulaziz Road and GCC Road in Dhahran, adjacent to the Ajyal residential district, one of Saudi Aramco’s major model housing developments. This strategic location facilitates convenient access to key landmarks in Dammam, Alkhobar, and Dhahran. Headquartered in Alkhobar and founded in 1993, Mohammed Al-Nahdi Real Estate is a property company with a rich portfolio of notable projects. According to its website, Alinma Investment is a Saudi closed joint stock firm that was established by Alinma Bank with a capital of SR1 billion and a paid-up capital of SR500 million. The business is a leading provider of a comprehensive range of Shariah-compliant investment products and services, utilizing the latest advancements in communication and advanced technological systems.