By Amr Adel

Dubai-Mubasher: UAE’s Union Properties (UP) signed Sunday a memorandum of understanding with Saudi-based Naif Alrajhi Investment Co.

Under the MoU, a limited liability company will be established in Riyadh to undertake investment and real estate development activities in Saudi Arabia.

The MoU was signed by Ahmed Khalaf Al Marri, GM, Union Properties and Naif bin Saleh Alrajhi, chairman, Naif Alrajhi Investment.

The agreement aims to explore investment opportunities in Saudi Arabia’s real estate sector that is currently seeing sustainable growth, said Al Marri.

He added that the MoU comes as part of his company’s strategy targeting expansion in real estate development in the Kingdom, which will bolster investment opportunities and cement ties in a way that best serves shareholders’ best interest.

For his part, Alrajhi said the partnership with UP is a step towards effective synergies in the region.

He added that the new subsidiary will develop a unique real estate project, which will be announced with the UAE partner shortly.