en.Wedoany.com Reported - The UAE's Alramz Corporation recently signed an agreement to establish a closed-end real estate investment fund valued at $175.58 million. Managed by Oud Capital, the fund is dedicated to developing a project comprising 900 residential units in Jeddah, Saudi Arabia. The securing of this funding marks the substantial commencement of residential development in the area.
The fund will finance a residential development project named "Al Ramz Front." Located in the Al Firdous district in northern Jeddah, the project covers an area of 47,800 square meters and plans to construct 900 residential units.
As part of this collaboration, Alramz Corporation will contribute to the fund in cash and in-kind. The cash contribution amounts to $21.74 million, with land use rights valued at $57.30 million provided as an in-kind contribution. Furthermore, Alramz Corporation has been formally appointed as the project developer, with a development contract valued at $71.60 million.
In addition to revenue from residential sales, Alramz Corporation will receive a development management fee of 10% based on the total development cost, amounting to $7.10 million. The company will also receive a marketing service fee equivalent to 2.5% of the project's total sales.
The Jeddah project is part of Alramz Corporation's recent series of expansion initiatives in the Saudi market. In February 2026, the company launched two other residential development projects. In Riyadh, Alramz signed an agreement with the major Saudi developer ROSHN Group to acquire and develop two residential plots within the Sedra master-planned community. In Mecca, the company reached an agreement with the Ramz Al Hijaz fund, managed by Al Rajhi Capital, to jointly deliver two residential towers, with a total investment of $111.5 million.
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