Blominvest Saudi Arabia, an investment company specialised in asset management, financial advisory services and private equity investments licensed by the Saudi Capital Market Authority, said it has signed a deal with SinoGulf, an affiliate of SinoGulf Real Estate Investments, to develop an industrial logistic park in Riyadh.
The new project, which will cover an area of 1.1 million sq m, is being set up through a private fund that will be managed by Blominvest.
SinoGulf was established in the kingdom for the purpose of forming strategic partnerships with local companies to facilitate project execution and the development of real estate properties in Saudi Arabia.
Abdullah Saud Al Rashoud, the CEO of Blominvest, said the main purpose of the fund was investment in the industrial real estate sector through the acquisition of a plot located in eastern Riyadh.
With a fund size of SR1.15 billion ($306 million), the project will aim to develop warehouses, office space, and labor camps over a period of four years.
Hussain Al Awlaqi, the chairman of SinoGulf, said: "We are excited to continue investing in the Saudi market and look forward to partnering with a reputable establishment like Blominvest. We will remain committed in delivering quality products, in line with our previous developments in the UAE and Saudi Arabia."
A major player in the region, Blominvest Saudi Arabia has launched several real estate funds over the last few years with a total size of SR5.1 billon ($1.35 billion).