NBK Wealth – KSA concludes a real estate transaction in Riyadh to develop a mixed-use property with a total cost of USD 80 million
In a new affirmation of NBK Wealth Group’s success in strengthening its presence in Saudi Arabia, NBK Wealth – KSA, through a real estate fund, has acquired a prime land plot in Riyadh to develop a mixed-use property.
This acquisition represents the first real estate investment fund and transaction for NBK Wealth Group in the Kingdom.
The land, which spans 4,000 square meters, is strategically located at the intersection of King Fahd Road and Prince Mohammed bin Salman Road, a key area within Riyadh’s urban landscape. The project will include office, commercial, and residential spaces, reflecting NBK Wealth’s commitment to supporting integrated and sustainable urban developments.
The total development cost is estimated at approximately SAR 300 million (USD 80 million). The Group successfully attracted investments from both Saudi and international investors, underscoring NBK Wealth’s ability to draw foreign capital into the Saudi market.
Mr. Musaad Al-Sudairy, Board Member and CEO of NBK Wealth – KSA, said:
“This acquisition represents a significant milestone for NBK Wealth Group as part of our expansion in Saudi Arabia. Our first Saudi real estate fund reflects our commitment to supporting investments that contribute to urban development and promote economic diversification in line with Vision 2030.”
“We are proud to have attracted investors from both within Saudi Arabia and abroad, which underscores our ability to mobilize capital and pursue value creation in the region,” Al-Sudairy added.
Al- Sudairy highlighted that the real estate market in the Kingdom is witnessing strong growth, driven by urban expansion, government initiatives, and rising demand for mixed-use developments. This creates diverse investment opportunities and vibrant urban spaces that support the Kingdom’s economic diversification goals.
NBK Wealth has established a distinguished position by offering unique services that go beyond investment, encompassing asset management, trading, lending, deposits, and financial advisory services, among others. These tailored and innovative offerings are designed for high-net-worth individuals and families, and are delivered by a specialized wealth management team comprising more than 120 investment experts and brokers, and 75 relationship managers.
The Group leverages its extensive market knowledge, distinguished global reach, and commitment to innovation in investment strategies to help clients pursue their long-term financial goals with unwavering confidence. At the same time, NBK Wealth has valuable partnerships with J.P. Morgan Asset Management and Intervest that enhance its offerings across various areas, including advisory services and the development of new investment solutions.
NBK Wealth is a brand registered under the name of National Bank of Kuwait S.A.K.P. (“NBK”), for use by the Asset Management business of, among other NBK Group entities, including Watani Investment Company K.S.C.C. (“NBKW”), the leading investment firm, and its affiliates worldwide, as well as NBK Wealth Management, combined with the Private Banking services of NBK worldwide, which is one of the largest and oldest financial institutions in the region.
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