Monday 08, October 2018 by Kudakwashe

Saudi’s PIF purchases $578.6 million land plot in Riyadh


The Public Investment Fund (PIF) purchased the undeveloped plot which is located in northern Riyadh, opposite the King Abdullah Financial District (KFAD).

Saudi Arabia's sovereign wealth fund has purchased a huge plot of land in northern Riyadh for SAR 2.17 billion ($578.64 million) in what has been described as the largest real estate transaction in the Kingdom.

In a statement, Etqan real estate company said that the PIF purchased the Al Ghadir plot at an auction of the property of late businessman Saleh Abdulaziz al-Rajhi.

The transaction follows the Crown Prince Mohammed bin Salman’s remarks that the PIF will surpass its target of increasing its assets to $600 billion by 2020, part of a plan to reduce the economy's dependence on oil.

PIF is also among the investors backing the $500 billion business and industrial zone NEOM, which will extend into Jordan and Egypt, reported Reuters.

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