(MENAFN) Saudi Arabia's Alinma Investment and Jeddah Economic Company have closed an agreement to initiate an USD2.2 billion fund, according to the latest data, and their collaboration is flourishing.
The fund, to be named the Alinma Jeddah Economic City Fund, is a Shariah-compliant fund that will operate under the Saudi Arabian Capital Market Authority (CMA).
Accordingly, it will be put to work by developing the first phase of the Jeddah Economic City project and complete building work on Jeddah Tower, currently at its 26th floor.
Furthermore, Alinma Investment is a USD266 million Saudi limited liability company established by the namesake bank to pioneer a sophisticated system of investment products and services.
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