Saudi Arabia: Foreigners to invest in development projects
RIKAZ Development & Planning, the Saudi Arabian property group, has launched a property fund that will for the first time enable foreigners to invest in development projects in the kingdom.
According to The Times, the Euro 126.5 million Royal Amwaj Real Estate Development Fund will finance a mixed-use development on a 1 million sq. m. waterfront site in the Eastern Province of Saudi Arabia.
Rikaz is led by Sheikh Khalid al-Gahtani, 32, a prominent Saudi Arabian businessman.