Riyad Capital, the investment arm of Riyad Bank, announced on Monday the launch of 500 million Saudi riyal ($133.33 million) Riyadh Real Estate Development Fund – Durrat Hittin in partnership with Al Ramz Real Estate Company.

The fund will develop a mixed-use project in Hittin district in Riyadh on a total area of 27,119 square metres.

The mixed-use complex will have a leasable area of 30,000 sqm, comprising offices, retail and hospitality.

Last year, Riyadh Real Estate Development Fund – Al Ramz was launched to develop housing projects in Riyadh and Eastern regions, the statement said.

In August 2022, Al Ramz Real Estate signed a term paper with Riyadh Capital to establish a real estate development fund for four projects in Riyadh and Al-Khobar with a total area of 38,494 sqm, according to the developer’s Red Herring prospectus.