CMA approves launch of NCB Capital’s Al-Ahli REIT Fund (I)

NCB Capital, a leading investment and wealth management firm in the region and Saudi Arabia’s largest asset manager, recently announced that the Capital Market Authority of Saudi Arabia has approved the launch of a new closed-end real estate investment traded fund under the name of Al-Ahli REIT Fund (I).

The Shariah-compliant fund has a capital of SR1.375 billion ($366 million) and will distribute semi-annual cash dividends of at least 90 percent of its annual net profit to investors.

Al-Ahli REIT (I) invests in developed, ready-to-use, incomegenerating real estate assets. These assets comprise Al-Andalus Mall and its adjacent hotel, Staybridge Suites.

The properties are located in Jeddah, which is not only a commercial and entertainment hub in the Kingdom, but also an attractive destination for all visitors.

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

NCB Capital is the largest asset manager in the Kingdom and the largest Shariah-compliant asset manager globally with more than SR140 billion of assets under management.