Saudi Arabia's sovereign wealth fund bought a 434,400-square-meter undeveloped land plot in northern Riyadh for 2.17 billion riyals, in what could be the country's biggest property deal, Reuters reported Oct. 7.

The price translates to 5,000 riyals per square meter for the Al Ghadir site, opposite the King Abdullah Financial District. Public Investment Fund acquired the plot in a real estate auction conducted by the the Etqan property company on behalf of late businessman Saleh Abdulaziz al-Rajhi, Reuters said.

In an interview with Bloomberg News, Saudi Crown Prince Mohammed bin Salman said the wealth fund, which is now at US$300 billion, will exceed its asset target of US$600 billion by 2020.

Reuters added that the fund is also investing in the US$500 billion NEOM business and industrial mega project, which will extend from the far northwest of Saudi Arabia into Jordan and Egypt.

As of Oct. 5, US$1 was equivalent to 3.75 Saudi Arabian riyals.