November 29, 2015 / 10:41 AM / 3 years ago

Saudi's Kingdom, Alinma plan $2.2 bln fund for Jeddah project

DUBAI, Nov 29 (Reuters) - Saudi Arabia’s Kingdom Holding said on Sunday that its affiliate Jeddah Economic Co had agreed with Alinma Bank to establish an 8.4 billion riyal ($2.2 billion) real estate development fund.

The fund will develop the first phase of the Jeddah Economic City project and finish construction work on Jeddah Tower, Kingdom said in a statement.

Alinma Bank will finance the fund, which is to be sharia-compliant and managed by Alinma Investment, Kingdom added without elaborating on how the money would be raised. (Reporting by Katie Paul; Editing by Andrew Torchia)

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