Jadwa Investment, a leading investment management and advisory firm in the Middle East, announced today that it has signed an MOU with Al Mqr Real Estate Development Company and Al Majdiah Residence to establish a new private real estate investment fund to undertake a unique project in Madinah.
The new fund will be a closed-end, Shariah-compliant real estate development fund with a target size of approximately SAR 700 million, and will acquire and develop a 464,003 sqm land plot in a strategic location in Madinah. The envisioned development will be a mixed-use masterplan with residential and commercial segments. Certain components of the project will be sold as developed land plots while others will be sold and leased in the form of superstructure offerings to end-users. Beyond its commercial objectives, the project will support Madinah Regional Municipality’s mandate to develop the holy city, in line with Vision 2030’s objective to diversify the national economy.
Jadwa Investment will serve as the fund manager. Jadwa’s strategic partner is Al Mqr Real Estate Development Company, the development arm of Madinah Regional Municipality, and its development partner is Almajdiah Residence, one of the most renowned real estate developers in the Saudi market.
Tariq Al-Sudairy, Managing Director and CEO of Jadwa Investment, commented “We are honored to partner with Al Mqr and Almajdiah Residence to contribute to the strategic development of Al Madinah Al Munawwarah. This project will complement our growing real estate investment portfolio and extend our track record of executing strategic projects with top-tier partners.”
Majed Al Shalhoub, CEO of Al Mqr Real Estate Development Company, commented, “Our partnership with Jadwa Investment marries our vision to develop standard-setting projects in Madinah with Jadwa’s commitment to offer its investors premium real estate investment opportunities. We expect this fund to be the foundation of a long-term partnership with Jadwa, and to lay the ground for future collaboration.”
Khaled Al Majed, Chairman of Almajdiah Residence, added “The envisaged project is a continuation of our longstanding partnership with Jadwa Investment, and a unique opportunity to bring our expertise in residential development to Al Madinah Munawwarah.”
The launch of this fund comes as part of Jadwa’s diversified real estate portfolio, which has expanded significantly in the last two years. As of March 2022, the firm is managing a total of SAR 13.4 billion in real estate assets across development and income-generating funds.
COMMENTS