Dubai's Rasmala eyes $133 mln Saudi fund

Dubai-based investment bank Rasmala Investments is setting up a 500 million riyal ($133.3 million) Islamic property fund to tap opportunities in mid-income housing in Saudi Arabia.

The kingdom has set aside about $100 billion to boost infrastructure over the next five years and is looking to cater to growing demand for new housing from the relatively young population in the world's largest oil exporter.

"We identified high-growth potential," Tamer Bazzari told Reuters. "We signed a (memorandum of understanding) with a Saudi-based property developer."