Jadwa Investment, a leading regional investment management and advisory firm, announced today the successful launch of its AlDar Investment Fund in partnership with AlMajdiah Group, and Riyad Bank. .
AlDar Investment Fundis a closed-end, Shariah-compliant real estate investment fund with a total size of SAR 1 billion (USD 266 million)and a fund term of three years plus two one-year extensions. The fund received strong demand from investors.
The objective of the fund is to develop more than 1,500 residential units across multiple prime locations in Riyadh by constructing several high-quality residential apartment complexes that target mid- to high-income households. In doing so, Jadwa and AlMajdiah aim to serve the growing demand for residential units, in line with various government initiatives introduced by the Vision 2030 Housing Program to enable home ownership and expand the residential real estate sector.
Commenting on the launch of the fund, Tariq Al-Sudairy, Managing Director and CEO of Jadwa Investment highlighted, “The launch of the AlDar Investment Fund continues our commitment to offer our clients diversified investment opportunities across asset classes. We have been very active in the local real estate market where we see strong investment fundamentals, and we are particularly proud of our partnership with AlMajdiah Group.”
Haitham Al-Ghannam, Managing Director and Head of Real Estate at Jadwa Investment, added, “The record demand shown during the fund’s offering period demonstrates the attractiveness of the local residential real estate market today, particularly in Riyadh,where we intend to expand further.”
Khalid Al Majed, Chairman of AlMajdiah Group, said, “The launch of AlDar Investment Fund reflects AlMajdiah Group’s strategy to serve both home-owners and investors by developing high-quality residential complexes in prime locations. We are well served by our partnership with Jadwa Investment, which strengthens our ability to deliver distinctive projects with the backing of high-quality investors.”
COMMENTS