muscat capital launches real estate fund
Last Updated : GMT 09:07:40
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Last Updated : GMT 09:07:40
Egypt Today, egypt today

Muscat Capital launches real estate fund

Egypt Today, egypt today

Egypt Today, egypt today Muscat Capital launches real estate fund

Bank Muscat, announced the successful closure of its first Real Estate
Muscat - Egypt Today

Muscat Capital, the Saudi-based investment banking subsidiary of Bank Muscat, announced the successful closure of its first Real Estate Investment Traded (REIT) fund. The new Al Masha’ar Fund with a size of 572 million Saudi riyals has been launched with an objective to invest in high income yielding rental properties in the Holy cities of Makkah and Madinah in Saudi Arabia. The fund will be listed on Saudi stock exchange (Tadawul).

“Muscat Capital is delighted to announce the launch of its first REIT Fund aimed at providing a continuous source of income for investors through real estate assets in Saudi Arabia, especially in Makkah and Madinah. The fund will initially acquire three hotel towers in Makkah with yearly rental revenue up to 6.75 per cent and distribute cash dividends of not less than 90 per cent of the annual net profit, twice a year, said Khalifa Al Hatmi, Chief Executive of Muscat Capital.

“The fund is also authorised to invest in various real estate sectors such as commercial, educational and health care sectors. In addition, the fund is authorised to invest in development oriented projects up to 25 per cent of the fund size in order to achieve value addition and optimisation of income for unitholders. We thank all investors for their trust and confidence in the Fund and remain committed to the development of the real estate market and capital market in Saudi Arabia,” he added.

Muscat Capital is a boutique investment bank based in Riyadh, Saudi Arabia wholly-owned by Bank Muscat. Operating since 2009, it is licensed and authorised by the Saudi Capital Market Authority to conduct the full range of securities services, including brokerage, asset management and investment banking advisory business.

Source:Timesofoman

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muscat capital launches real estate fund muscat capital launches real estate fund



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