(MENAFN) Naif Al-Rajhi Investment and the UAE's Union Properties Real Estate Company signed a memorandum of understanding (MoU) for building a real estate investment firm in Saudi, Arab News reported.
The deal encompasses real estate administration, the buying of housing and commercial assets, and the obtaining of land for profitable and residential expansion purposes.
Union Properties' has been set on expanding its businesses in the Arab region and the deal will further facilitate this aim, according to the general manager of the Emirati firm.
"[The] signing this MoU with Naif Al-Rajhi Investment comes within our objectives to pursue new investment opportunities in the Saudi," the general manager of Union Properties added.
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