Ahmed Khalaf Al Marri, General Manager of Union Properties, and Naif bin Saleh Al Rajhi, CEO of Naif Al-Rajhi Investment Co. shake hands after singing the MOU
JEDDAH — Union Properties Real Estate Company signed a memorandum of understanding with Naif Al-Rajhi Investment Company Saudi Arabia, to establish a limited liability company specialized in real estate investment and development in Saudi Arabia. The MOU was signed by Ahmed Khalaf Al Marri, General Manager of Union Properties, and Naif bin Saleh Al Rajhi, CEO of Naif Al-Rajhi Investment Co. The agreement includes real estate management, the purchase of residential and commercial assets, and the purchase of land for the purpose of commercial & residential development. Al Marri said "the Saudi market is one of the most attractive investment destinations, and signing this MOU with Naif Al-Rajhi Investment Company, one of the leading Saudi real estate investment companies, comes within our objectives to pursue new investment opportunities in the Saudi real estate market that is witnessing a sustainable growth.” Al Marri added “signing this MOU comes in line with UP's expansion strategy within the Arab region that will contribute in increasing the investment opportunities and enhance mutual cooperation for the best interest of our shareholders." Naif bin Saleh Al Rajhi said: "Our alliance with Union Properties is considered a step towards strategic and influential presence in the region, for Union Property has been one of the leaders in the United Arab Emirates real estate industry for more than 27 years by being innovative and creative and Naif Al Rajhi Investment Co. shares the same vision.” He added "credibility, confidence and local knowledge of the Saudi market are Naif Al Rajhi Investment Company's core values which helped us excel in the Saudi market. Our unique and diversified investments in addition to our belief in the local talents have made us stand out in the Saudi market, and maintain the confidence of our partners, this attracted the attention of regional and international companies.” Moreover, he said the company will develop a distinctive real estate project with their UAE partner which will be announced soon. Naif Al Rajhi Investment Company pursues its investments based on knowledge, planning and global expertise in various effective and influential sectors, headed by the real estate and financial markets sectors. In addition, the company invests in many fields such as private equity, facilities management, industrial sector, marketing and communication, e-commerce, hospitality, F&B and social entrepreneurship. Naif Al Rajhi Investment Company reinforced its presence in the UAE and is seeking to expand its business in the world through its headquarters in the United Kingdom. — SG
