03:42 AM EDT, 10/07/2026 (MT Newswires) -- Hamad Mohammed Bin Saedan Real Estate (SASE:9648) and financial services company Bloom Investment Saudi Co. signed a memorandum of understanding to develop a new real estate fund in Saudi Arabia. The HS Logistics Fund, with a three-year term, will explore purchasing land plots spanning 130,276 square meters in Riyadh to develop logistics projects and generate income, according to a Wednesday release. The fund's term can be extended for a further two years, subject to approval from the Capital Market Authority. The real estate company expects the total preliminary cost of the project to be 325 million Saudi riyals, along with a developer fee payable to the company. Hamad Mohammed Bin Saedan Real Estate added that the contract is valid for six months and can be extended upon mutual consent.

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