Riyadh – Mubasher: National Building and Marketing Company has signed an agreement with NOMW Capital to launch a private investment fund at a capital of SAR 100 million, of which the listed firm will hold 50% stake.

The fund, dubbed as NOMW Al Ahsa Real Estate Development Fund, aims to build residential villas on a land plot spanning 250,000 square metres at a total value of SAR 440 million, according to a bourse filing to Tadawul.

NOMW Capital will manage the fund and will be responsible for securing 50% of its capital.

The financial impact of this transaction will positively reflect on the income statements of the fourth quarter (Q4) of 2021.