Riyadh – Mubasher: NBK Wealth – KSA, affiliated to NBK Wealth Group, has strengthened its presence in Saudi Arabia by taking over a prime land plot to build a mixed-use property at a total development cost of approximately SAR 300 million ($80 million).

This acquisition, which was carried out through a real estate fund of NBK Wealth – KSA represents the first property investment fund and transaction for NBK Wealth Group in Saudi Arabia, according to a press release.

The land spans 4,000 square meters and is strategically located at the intersection of King Fahd Road and Prince Mohammed bin Salman Road in Riyadh.

The project comprises office, commercial, and residential spaces, reflecting NBK Wealth’s commitment to supporting integrated and sustainable urban developments.

Board Member and CEO of NBK Wealth – KSA, Musaad Al Sudairy, said: “This acquisition represents a significant milestone for NBK Wealth Group as part of our expansion in Saudi Arabia.”

Al Sudairy added: “Our first Saudi real estate fund reflects our commitment to supporting investments that contribute to urban development and promote economic diversification in line with Vision 2030.”

The CEO noted: “We are proud to have attracted investors from both within Saudi Arabia and abroad, which underscores our ability to mobilize capital and pursue value creation in the region.”

Al Sudairy further stated that the real estate market in Saudi Arabia is witnessing strong growth, driven by urban expansion, government initiatives, and rising demand for mixed-use developments.

It is worth noting that NBK Wealth is a brand registered under the name of National Bank of Kuwait (NBK), for use by the Asset Management business of, among other NBK Group entities, including Watani Investment Company (NBKW), the leading investment firm, and its affiliates worldwide, as well as NBK Wealth Management, combined with the Private Banking services of NBK worldwide, which is one of the largest and oldest financial institutions in the region.