Al Ramz sets up 650 million riyal property fund with Oud Capital

Published: 2026-07-02T11:39:43.000Z

Al Ramz Real Estate has signed an agreement to set up a Shariah-compliant property fund managed by Oud Capital, the latest sign of how quickly the Saudi developer is leaning on fund structures to finance its pipeline, this time a 650 million riyal vehicle.

Al Ramz Real Estate has signed an agreement to set up a Shariah-compliant property fund managed by Oud Capital, in the latest sign of how quickly the Saudi developer is leaning on fund structures to finance its pipeline. The vehicle carries a target size of 650 million riyals, roughly 173 million dollars, and its job is to fund the Wajihat Al Ramz residential scheme in the Al Firdous district of Jeddah. The plan is to build an integrated community of around 900 homes on a plot of some 47,800 square metres valued at about 215 million riyals. The arrangement is a neat illustration of the model Al Ramz has been repeating across the Kingdom. The company is putting in roughly 81.6 million riyals as an in-kind contribution, and it also happens to own a quarter of Oud Capital, the Dammam-based manager running the fund. On top of that, Al Ramz takes on the roles of developer and exclusive marketer, with a development contract worth close to 269 million riyals, and it collects a development fee of ten per cent alongside a marketing fee of 2.5 per cent of total project sales. The company expects the deal to feed into its financial performance across the 2026 to 2029 stretch. Al Ramz itself is a relatively young business that has grown fast. Founded in 2016 and floated on the Saudi Exchange only last year, it works across residential, commercial and service developments, with a presence in six cities and somewhere around 40 projects. The firm, still controlled by the Al Rashid family, has been on a tear financially, reporting revenue of about 863 million riyals over the first nine months of 2025 and more than doubling net profit to roughly 243 million riyals. The regional backdrop explains why this keeps happening. Saudi Arabia is in the middle of a housing push tied to Vision 2030, and developers are increasingly turning to closed real estate funds rather than debt to bankroll construction, a shift the Capital Market Authority has actively encouraged as property firms take up a growing share of the listing pipeline. That has spawned a wave of similar tie-ups, from Al Ramz's own larger funds with Al Ahli Capital and Al Rajhi Capital to giant efforts by Roshn and others, while Gulf neighbors such as the UAE, home to developers like Damac, chase the same appetite for branded residential stock.