Business & Money | Sunday 3 December, 2017 1:40 pm |

NCB Capital, the region’s leading investment and wealth management firm and Saudi Arabia’s largest asset manager, announced that the Capital Market Authority has approved the launch of a new closed-end real estate investment traded fund under the name of AlAhli REIT Fund (I). The sharia-compliant fund has a capital of SR1.375 billion and will target to distribute semi-annual cash dividends of at least 90% of its annual net profit to investors.

 

AlAhli REIT (I) invests in developed, ready-to-use, income-generating real estate assets. These assets comprise AlAndalus Mall and its adjacent hotel, Staybridge Suites, located in the city of Jeddah, which is not only considered a commercial and entertainment hub in the Kingdom, but also an attractive destination to all its visitors.

 

The new fund will offer approximately 41,250,000 units to the general public, with a minimum subscription of SR10,000. The units will be offered through a public offering in accordance with the Real Estate Traded Investment Fund Instructions and Real Estate Investment Funds Regulations.

 

NCB Capital is the largest Asset Manager in the Kingdom of Saudi Arabia and the largest sharia-compliant Asset Manager globally with more than SR140 billion of assets under management.