Saudi Arabia's sovereign wealth body, Public Investment Fund (PIF), has reportedly bought a large plot of land in northern Riyadh for $578.6m (SAR2.1bn). 

Reuters reported that PIF had acquired a "huge" piece of land that could be one of the largest real estate transactions in Saudi Arabia's history.

PIF acquired the Al Ghadir land plot at an auction led by real estate firm Etqan, which was tasked with selling the estate of late Saudi businessman Salehbin Abdulaziz Al-Rajhi. 

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According to the Reuters report, which has since been picked up by other media, the land plot covers 43.3ha and was sold for approximately $1,300 (SAR5,000) per m2.

It is unclear what PIF plans to do with the undeveloped land plot, and a representative of the sovereign wealth fund could not be reached for contact.

PIF is led by Saudi Arabia's Crown Prince Mohammad bin Salman and is the largest project developer in the kingdom, with pre-execution projects worth a staggering $534bn (SAR2tn).

It is throwing its weight behind major projects such as the $500bn (SAR1.9tn) Neom City, and the 3,800kmgigaproject Amaala. 

Ground will be broken on the latter project in Q1 2019, according to PIF, which described the project as an ultra-luxury wellness tourism destination.