Retal Urban Development Co. — Capital/Financing Update 2023

Apr 12, 2023

Retal Urban Development Company Announces the Establishment of a Private Real Estate Fund (Rimal Park Fund)

4322 · 12/04/2023 08:05:16 · Announcement #73043 · View on Saudi Exchange

Retal Urban Development Company Announces the Establishment of a Private Real Estate Fund (Rimal Park Fund)

Element List	Explanation
Announcement Detail	Retal Urban Development Company announces the establishment of a Rimal Park fund (private real estate fund) with an estimated cash and in-kind value of 65 million Saudi riyals, which represents 33% of the fund's equity.

The Fund aims to develop a luxurious business complex and a residential and commercial complex for an area of ​​two adjacent lands amounting to 54,503 square meters in the city of Al-Khobar, noting that the Fund’s term is five years, and the fund manager is Bloom Saudi Investment Company.

Retal Urban Development Company will be the project developer and marketing manager.

As for the related parties, they are:

Chairman of the Board Mr. Abdullah Abdul Latif Al- Fozan

Vice-Chairman of the Board Mr. Ali Abdul Latif Al- Fozan

Board member Mr. Fozan Muhammad Al- Fozan

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.