Alramz Real Estate Company has signed an agreement to establish a US $175.58mn Shariah-compliant real estate investment fund to develop a residential project in Jeddah. In addition to development revenues, Alramz is set to earn a 10% development fee valued at $7.1mn, alongside a 2.5% marketing fee based on total project sales.

The fund, to be managed by Oud Capital, will finance the Al Ramz Front development, which will comprise 900 residential units located in the Al Firdous district in north Jeddah. The project marks a significant addition to the city’s growing housing supply.

As part of its participation, Alramz will invest $21.74mn in cash and contribute land plots spanning 47,800sqm, valued at $57.3mn, as an in-kind stake in the fund. The company has also been appointed as the project’s developer under a contract worth $71.6mn.

The Jeddah project follows a series of recent expansion moves by the company. In February 2026, Alramz signed agreements to develop residential projects in Riyadh and Makkah. This included a deal with ROSHN Group for the acquisition and development of 2 residential plots within the Sedra masterplan in Riyadh, as well as an agreement with the Ramz Al Hijaz Fund, managed by Al Rajhi Capital, to deliver 2 residential towers in Makkah with a combined investment of $111.5mn.