Saudi Arabia's National Commercial Bank (Al-Ahli) has signed an agreement with Al-Esayi real estate groups to establish a property investment fund, the Al-Ahli Real Estate Development Fund.
It will start with SR400 million in short-term investment approved by the Legal Observation Authority, according to Arab News.
Abdullah Badahman, President of NCB's board of directors said the new Saudi-riyal fund would allow investors to participate in development projects for residential and commercial property in major cities in the Kingdom. (menareport.com)
© 2004 Mena Report (www.menareport.com)
