Property developer Retal has partnered with Alpha Capital to launch the Saudi Alpha Capital Fund for Real Estate Development 1, with the aim of raising more than half a billion riyals ($133 million) to invest in a project called Marassi on the coast road between Khobar and Dammam.

Retal will undertake the full development of the project, including infrastructure and superstructure and the division of the project into more than 750 residential plots, along with public services, including mosques, schools and essential services, the company said in a press conference.

The residential plots will range between 375 and 600 square meters, while there are also plots available for investment with areas ranging between 1,800 and 2,200 square meters. Retal will also develop more than 200 modern residential units with integrated services.

The 35,000 square meters central garden constitutes the project’s main axis, along with the open natural areas, in a way that has never been implemented in any of the region’s urban plans before.

“The Marassi project comes as a continuation of the ongoing efforts exerted by Retal to change the concept of neighborhoods and meet the urban development ambitions of the wise government, represented by the Kingdom’s Vision 2030, which encourages the establishment of entertainment and quality of life-related projects,” said Retal’s CEO, Abdullah bin Faisal Al-Braikan.

Retal and Alpha Capital plan work together on SR7.5 billion ($2 billion) of real estate projects through 2030, said Fahad bin Khaled Al-Saud, managing director and CEO of Alpha Capital.

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