Swicorp raises $20m

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Swicorp, a Riyadh-based private financial service company, has raised SAR76 million ($20 million) in equity commitments for the Ewan Al-Maali Real Estate Development Fund. The fund is also entitled a SAR76 million loan facility from a local bank.

Swicorp launched the fund in partnership with Retal Urban Development Company, an urban developer in Saudi Arabia. It will invest in the development of luxury villas in Al-Khobar, Eastern Province, Saudi Arabia.