A collaboration has been established between AlAhli Financial Company, Auj Holdings, and AlRamz Real Estate through a trilateral agreement to launch the “AlAhli Financial Rabwa AlRamz Real Estate Fund.” This initiative is part of the master plan for the “Rabwa” project, which aims to develop integrated residential communities in Riyadh.

The fund, managed by AlAhli Financial Company, is expected to reach a total value of SAR 660 million. It will focus on constructing 921 residential units, including 759 apartments and 162 villas, on land contributed in-kind by Auj Holdings, the land’s owner. The units will be marketed through two mechanisms: off-plan sales and direct sales of completed units.

Auj Holdings’ CEO, Abdulaziz AlMousa, commented, “This collaboration with AlRamz Real Estate and AlAhli Financial aligns with Auj’s strategy to strengthen partnerships in the financial and real estate sectors, delivering diverse, integrated real estate projects. The fund will contribute more than 1,000 residential units within the Rabwa plan.”

He added, “This cooperation aims to provide quality residential products within Rabwa in Riyadh, enhancing living standards while connecting the development to key infrastructure projects like the Riyadh Metro and other neighboring initiatives, such as King Salman Park and projects by the Saudi Entertainment Company (SEVEN).”

AlRamz Real Estate, the project’s developer, will manage the construction in two phases. The first phase will span 30,000 square meters, delivering 219 residential units by the end of 2024. The second phase will cover 60,000 square meters, offering 702 residential units.

Engineer Haroun bin Rashid AlRashid, CEO of AlRamz Real Estate, stated, “Our partnership with AlAhli Financial and Auj Holdings supports efforts to increase the housing supply in the Kingdom by offering diverse residential products in vibrant neighborhoods at competitive prices. During both development phases, we aim to create exceptional residential communities embodying modern living standards and sustainability.”

AlAhli Financial CEO, Rashid Sharif, also emphasized, “Distinguished real estate development projects play a crucial role in enhancing quality of life in the Kingdom. We are proud to be part of this impactful project, which will benefit Riyadh residents and stimulate the Kingdom’s construction sector, continuously adopting world-class standards.”