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RIYADH: Arabian Centres Co. and Riyad Capital Co. signed agreements to establish two closed-end real estate investment funds valued at SR6.2 billion ($1.65 billion)
The funds are intended to be used to develop Jawharat Riyadh and Jawharat Jeddah — two major major investment projects that ACC has in its pipeline, according to a bourse filing.
ACC retains ownership rights to both funds' units, while Riyad Capital manages the funds, licensed by the Saudi Capital Market Authority.