RIYADH: Mauritanian Minister for Economy and Finance Al-Mukhtar Wald Ajai opened the Arab Gulf Program for Development’s (AGFUND) ninth microfinance bank in Nouakshott, capital of Mauritania last week.
The launch was attended by Yosuf bin Ibrahim Al-Bassam, representative of AGFUND’s President Prince Talal bin Abdulaziz and deputy president, and top Mauritanian officials and businessmen.
"The Ebdaa bank in Nouakchott is one of the initiatives of the AGFUND in different countries to help disadvantaged people to be involved in productive activities and make decent life. Over 1,500 of very low income and disadvantaged community members have benefited from the bank chain of branches in financing their projects in the countries have these branches," he said in his address at the opening ceremony.
The new bank will be the ninth of AGFUND chain Ebdaa banks in the world after Bahrain, Jordan, Lebanon, Palestine, Sierra Leone, Sudan, Syria and Yemen. Three more banks in Morocco, Tunisia, and Philippines are in the pipeline, according to Nasir Bakr Al-Qahtani, executive director of AGFUND.
"The launch of this new bank in Nouakchott comes as part of AGFUND President Prince Talal bin Abdulaziz's sincere and generous efforts to establish specialized banks to achieve financial inclusion for poor and combat poverty in the world," he said.
"AGFUND contributes to fulfill the goals of the communities in which these banks serve to materialize the strategic goals of AGFUND to fight poverty, and improve services in health and education sectors in the developing communities,” he added.
The initiative of creating these banks for the poor was adopted 1997 by Prince Talal when he valued the thoughts and ideas of Professor Muhammad Yunus, founder of Grameen Bank in Bangladesh and leader of microfinance around the globe.
AGFUND, a regional organization based in Riyadh, was established in 1980 upon the initiative of Prince Talal with the support of leaders of the Gulf Cooperation Council countries.
The program mainly works in the field of development and growth at the international level through an effective partnership with the United Nations Organization, with regional and national development organizations, with public institutions, with the private sector, as well as with organizations of the civil society.
AGFUND opens new Ebdaa bank for microfinance in Mauritania
AGFUND opens new Ebdaa bank for microfinance in Mauritania
Global investors commit more than $3bn to King Salman Park as Saudi giga-project secures new deals
RIYADH: The King Salman Park Foundation has secured more than $3.8 billion in new private-sector commitments at the MIPIM 2026 real estate conference, including a landmark $3 billion fund backed by international investors to develop a major mixed-use district in the heart of Riyadh.
According to a press release, the announcements bring total committed investment in the 17.2 sq. kilometers urban regeneration project to over $5.3 billion across five major packages.
Launched in 2019 under Saudi Vision 2030, the development is designed to be the world’s largest city park and aims to boost green space, improve quality of life, and feature over 1 million trees and extensive leisure facilities.
A $3 billion metro-connected district
The largest of the two packages, designated Package 5, will see a consortium led by Kolaghassi Development Co. deliver a residential-led district with a total built-up area exceeding 1 million sq. meters.
It will provide approximately 3,700 residential units, a K–12 school, around 300 hospitality keys and more than 100,000 sq m of Grade A office space alongside a wide variety of retail and dining offerings.
The development is supported by a Saudi-domiciled, Capital Market Authority-regulated fund managed by Mulkia Investment Co. that has attracted leading investors from the Kingdom and across the world.
Kolaghassi Development Co. will lead the project alongside Al Othaim Investment, one of the Kingdom’s real estate players, and RXR, a New York-headquartered real estate investor and operator.
“Securing investment of this scale, supported by international capital and expertise, is an important milestone for King Salman Park,” said George Tanasijevich, CEO of King Salman Park Foundation.
$850 million cultural district package
In a separate announcement, the Foundation confirmed the award of Package 4 to a consortium led by Retal Urban Development Co., with support from a fund managed by SAB Invest.
The project has a total value exceeding $850 million and will host more than 600 residential units, over 140 hotel keys, and almost 50,000 sq m of Grade A office space, alongside curated retail and food and beverage experiences.
“This opportunity reflects the maturity of Saudi Arabia’s real estate investment landscape and our confidence in culture-led, mixed-use urban destinations as a driver of sustainable returns,” said Abdullah Al-Braikan, CEO and founder of Retal Urban Development Co.
Ali Al-Mansour, CEO of SAB Invest, said the fund structure brings together “long-term capital, experienced development partners, and a shared commitment to place-making excellence” while contributing to Riyadh’s cultural vibrancy and the Kingdom’s quality-of-life ambitions under Vision 2030.
