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This small but interesting deal shows a useful approach to an important matter: Shariah-compliant methods for exiting large-scale commercial real estate developments in Saudi Arabia.
The Lulu Hypermarket is a shopping centre with 22,000 square metres of retail space in east Riyadh, built by the Almutlaq Group. It’s one of more than a hundred retail stores the Lulu Group operates around the Gulf.
Institutional investment in commercial real estate is in its infancy in Saudi Arabia, and highly fragmented; exit mechanisms, and the uncertainty around them, have been a key reason the market has not developed.
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