Dubai's Union Properties signs MoU for Saudi real estate JV

06/04/2015 Argaam
Dubai’s Union Properties (UP) inked a memorandum of understanding (MoU) with Naif Alrajhi Investment Co. to develop and manage real estate projects in Saudi Arabia.
 
The new JV is poised to venture out of the United Arab Emirates’ market and capitalize on the available opportunities in Saudi Arabia. UP did not yet disclose data about the capital or the ownership structure of the new entity.
 
The partnership project is expected to develop a real estate investment soon in Saudi, but no further information was revealed.
 
Last March, the Dubai-listed developer said it will set up ServeU, a facility management firm, with Al-Haddab group in Saudi Arabia.  
 
Naif Alrajhi Investment is a Saudi holding company that has almost 30 affiliates operating in the fields of real estate, marketing, and commercials.

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