Saudi fund PIF purchases $578.6 mln land plot in northern Riyadh | Reuters:
Saudi Arabia’s sovereign wealth fund has purchased a huge plot of land in northern Riyadh for 2.17 billion riyals ($578.64 million) in what the auction operator and Saudi media described as the largest real estate transaction in the kingdom.
The Public Investment Fund (PIF) purchased the Al Ghadir plot at an auction of the property of late businessman Saleh Abdulaziz al-Rajhi, the Etqan real estate company, which handled the process, said.
The undeveloped plot is located at a prime spot in northern Riyadh, opposite the capital’s glitzy financial centre the King Abdullah Financial District (KFAD).
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