Saudi Real Estate Co. aims to invest $1.6bn within 5 years, CEO says

RIYADH: Saudi Real Estate Co., also known as Alakaria, aims to invest SR6 billion ($1.6 billion) over the next five years, the firm’s CEO said in an interview with Al-Arabiya.

The investment is planned to be in existing projects between 35 and 45 years old, reviving multi-use projects and residential developments, Ibrahim Alwan added. 

This comes following the company’s general assembly agreement to raise the firm’s capital by 56 percent to reach SR3.75 billion.