Swicorp, a leading CMA-regulated asset management, private equity, and investment banking firm, raises SR 152 mn for the establishment of Ewan Al-Maali Real Estate Development Fund, Reuters reports.

Swicorp is establishing the private fund in partnership with Retal Urban Development Company (Retal), a fast-growing urban developer in Saudi Arabia.

Retal will develop and sell 76 luxury villas in Al-Khobar, Eastern Province, Saudi Arabia. The project, spanning an area of 35,024 square meters, is strategically located near the new Al-Khobar Corniche and major universities, shopping hubs and business centers. Construction is already well advanced and should be completed by mid-2018.

Ewan Al-Maali Real Estate Development Fund follows successful launch by Swicorp and Retal of two other development funds, Al-Dhawahi and Al-Qayrawan.