Alramz Real Estate signed a deal to launch a SAR 1B Shariah-compliant fund for 800 homes. The fund, managed by Oud Capital, could accelerate deliveries without stretching Alramz's balance sheet.
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Alramz Real Estate Co. signed an agreement to launch a Shariah-compliant real estate investment fund worth over SAR 1 billion. The fund will develop 800 residential homes and will be managed by Oud Capital, a Riyadh-based asset manager.
The deal lands as Saudi Arabia's housing sector pushes toward the 2030 homeownership target of 70%. Alramz, a listed developer on the Saudi Exchange, has been expanding its project pipeline in major cities. Oud Capital will oversee the fund's structure and investor allocations.
Few details on the fund's timeline or investor base were released. Alramz said the agreement covers the fund's establishment and initial capital commitments. The company did not say whether it will anchor the fund or just sponsor it.
The move fits a trend of Saudi developers using fund vehicles to recycle capital instead of carrying full project risk on balance sheets. Several listed real estate firms have launched closed-end funds this year, tapping institutional and high-net-worth investors.
For Alramz, the fund provides a way to accelerate deliveries without stretching its own leverage. The company had SAR 2.3 billion in total assets as of its last filing, with debt of about SAR 800 million. A SAR 1 billion fund would roughly match its existing equity base.
The 800-home target is small relative to the kingdom's overall shortage. Official estimates put annual housing demand at over 100,000 units. For a single developer, a fund of this size can meaningfully lift revenue visibility over the next two to three years.
Oud Capital previously managed real estate funds for other Saudi developers. The firm's track record may help Alramz attract outside capital. The agreement does not appear to lock in any government backing or subsidy, leaving the fund reliant on market returns.
The deal was announced after market close Sunday. Alramz shares ended the session flat. The fund's first closing date was not announced.
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