Construction

$155m project launched in Riyadh by Maskan

Excavation work at Maskan Arabia’s new residential project in Riyadh has begun following the securing of financing from BLOM Invest

Saudi property developer, Maskan Arabia for Real Estate Development has announced the launch of excavation work at the company’s new residential project in Riyadh, after securing the required financing from the BLOM Invest Maskan Arabia for Real Estate Development Fund.

The project will see the construction of 312 residential units at a total cost of $155.45m. The project’s design reflects the Islamic architecture style, mainly Andalusian, Ottoman and Moroccan.

BLOM Invest Saudi Arabia has established the main fund of $63.4m and completed its private placement after Al-Ahli Capital Company covered the fund through its investments in Al-Ahli for Real Estate Development Fund, which is a secondary fund to the main fund. Construction of the project is slated for completion in December 2013.

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