Jadwa Investment, a leading investment management and advisory firm in the Middle East, announced today the successful launch of its Al Shorfa Investment Fund in partnership with First Avenue For Real Estate Development Company.
Al Shorfa Fund is a closed-end, Shariah compliant real estate investment fund with a target size of SAR 250 million and an expected fund term of five years. The objective of the fund is to invest in the development of multiple commercial complexes in Riyadh and Jeddah. Jadwa Investment will serve as the fund manager and has selected one of the most promising and upcoming developers in the Saudi market, First Avenue For Real Estate Development Company, as its development partner.
Commenting on the launch of the fund, Tariq Al-Sudairy, Managing Director and CEO of Jadwa Investment, said: “Al Shorfa Investment Fund is a testament to the strength of our growing real estate portfolio. It will be of particular interest to investors interested in premier real estate assets across Riyadh and Jeddah. Fund after fund, we are committed to developing distinctive real estate assets in Saudi Arabia with our market-leading development partners.”
Mr. Nader Al Amri, CEO of First Avenue For Real Estate Development Company, commented, “Our partnership with Jadwa Investment in Al Shorfa Fund aspires to provide investors with access to premium real estate projects in line with First Avenue’s vision, and to develop standard-setting properties for the Kingdom’s real estate market.”
Al Shorfa Fund has acquired three assets to date. It is Jadwa’s first fund in partnership with First Avenue, and comes as part of a series of real estate development funds that the Jadwa has launched this year.
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