BLOMINVEST and SinoGulf to develop Al Sharq industrial business hub in Riyadh

(MENAFN- Arab News) BLOMINVEST Saudi Arabia an investment company specialized in asset management financial advisory services and private equity investments licensed by the Capital Market Authority (CMA) has signed an agreement with SinoGulf to develop an industrial logistic park in Riyadh through a private fund that will be managed by BLOMINVEST.

Abdullah Saud Al-Rashoud CEO of BLOMINVEST said the main purpose of the fund is investment in the industrial real estate sector through the acquisition of a plot located in eastern Riyadh. With a fund size of SR 1.15 billion the project will cover an area of 1112000 m2 and aims to develop warehouses office space and labor camps over a period of four years.

Hussain Al-Awlaqi chairman of SinoGulf commented: ''We are excited to continue investing in the Saudi market and look forward to partnering with a reputable establishment like BLOMINVEST. We will remain committed in delivering quality products in line with our previous developments in the UAE and Saudi Arabia.''

BLOMINVEST is a Saudi closed joint stock company established in 2008. It is authorized by the CMA to work as an investment bank in Saudi Arabia. The company has launched several real estate funds over the last few years with a total size of SR 5.1 billon.

SinoGulf is an affiliate of SinoGulf Real Estate Investments LLC known as SinoGulf Investments. The company was established in Saudi Arabia for the purpose of forming strategic partnerships with Saudi companies to facilitate project execution and the development of real estate properties across the Kingdom. The company has developed different real estate projects in the region including residential commercial and industrial.