RIYADH: A new company which will use technology to find real estate investment opportunities has been created by Al-Hilal Investment Club Co. in partnership with Awaed Alosool Capital.
The firm, named Al-Hilal Real Estate Co., is hoping to attract investors through marketing and offering its shares for subscription, a statement revealed.
Awaed Alosool said the partnership provides an opportunity to invest through real estate funds starting with the amount of SR1,000 ($266.13).
Al-Hilal Investment Club Co. is a subsidiary of Al-Hilal Saudi Club, and the creation of the new company comes within the parent firm’s efforts to diversify the club’s sources of income.
Al Hilal Saudi Club also signed an agreement with Alajlan Riviera to act as a real estate developer with Al Hilal in partnership with Awaed, through Al Hilal Riviera fund.
The SR50 million fund of four years aims to acquire two residential existing properties, distribute rental revenues and sell the properties before fund liquidation.
It also aims to develop real estate investment projects for the club and create alliances with developers for investment opportunities.
Al-Hilal Saudi Club CEO Sultan Alsheikh said: “Diversification of sources of income will only be through investing in a brand and wading and knocking on doors that were not among the tools that were used or invested in the past.”