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Saudi Arabia: Thimar invest $1.6 million in a real estate fund

Thimar is set to allocate its investment in the Osool and Bakhit Fund for the development of a residential tower in Riyadh’s Olaya District

Thimar Development Holding Company has committed a $1.6 million investment in a real estate fund focused on the development of a residential tower in Riyadh

Thimar Development Holding Company has announced its intention to invest approx. $1.6 million (SAR 6 million) in a real estate fund approved by the Capital Market Authority (CMA) for the development of a residential tower in Riyadh’s Olaya District. The company expects this project to have a favourable effect on its financial performance, as stated in a recent bourse filing.

Thimar is set to allocate its investment in the Osool and Bakhit Fund for the development of the Al Yamama City Centre’s four districts in July 2024. The fund’s objective is to construct 97 residential units along with their amenities on Olaya General Street, across from the Kingdom Tower.

In a recent statement, Managing Director and CEO Melfi bin Manahi Al-Marzouqi of Thimar Development Holding Company projected that the real estate sector will play a predominant role in the company’s business portfolio. Additionally, Al-Marzouqi mentioned that Thimar will be venturing into opportunities within the food industry, agricultural marketing, and other promising sectors. This strategic diversification of investments is expected to strengthen the company’s growth and stability in the next five years.