Riyadh – Mubasher: Thimar Development Holding Company plans to invest SAR 6 million in a real estate fund licensed by the Capital Market Authority (CMA) to develop a residential tower in Riyadh.

Located in Olaya District, the project is expected to have a positive impact on the company’s financials, according to a bourse filing.

Thimar will inject its investment in Osool and Bakhit Fund, the four areas of Al Yamama City Center development, during July 2024.

The fund aims to establish 97 residential units and their facilities on Olaya General Street, opposite the Kingdom Tower. Meanwhile, the project area is 1,600 square metres.

Last April, the CMA greenlighted Thimar’s 74% capital reduction to SAR 65 million from SAR 250 million.