RIYADH, November 1, 2020 – Alinma Investment Company (AIC) and Alameriah Investment Co. have signed an agreement to establish the Alinma Logistic District Fund. This new, closed-ended, private, real estate, investment fund will support the development of the Tellal Alshorog Logistics project, which will develop 3 million square meters of land in the An Nazim neighborhood in eastern Riyadh.
Speaking about the agreement, Alinma Investment Company CEO, Mr. Mazin Baghdadi, said that the fund’s establishment and the launch of the subsequent project would support the logistics sector in Saudi Arabia and contribute to the kingdom's vision 2030 objective of achieving a prosperous and diversified economy. Baghdadi went on to thank all those who helped make the agreement possible, including government and regulatory entities, as well as the staff and management of Alameriah Investment Co.
For his part, Vice Chairman of the Board of Directors of Alameriah Investment Co., Mr. Mohammed bin Bandar Al-Amri, noted that the agreement would result in numerous investment opportunities for those interested in the Tellal Alshorog Logistics project. He went on to add that the project would provide significant support for the logistics sector and would bring much needed warehousing, light industrial, and commercial exhibition capacity to Riyadh, in addition to residential facilities for workers, all according to best international practices. He concluded by saying that it was his hope that the project would address demand for logistics solutions, support economic growth of the economy, and deliver enablement to the trade and industrial sectors in the Kingdom of Saudi Arabia.
Alinma Investment Company is the investment arm of Alinma Bank, and is licensed by the Capital Market Authority (No. 09134-37) to participate in all securities-related business activities, including dealing as principal and agent, underwriting, managing, arranging, and advising.