RIYADH: ANB Invest, the investment arm of Arab National Bank, announced the launch of its new real-estate fund "Al-Mubarak Diyar Jeddah Real-Estate Fund", a Shariah-compliant closed-end real-estate fund licensed and regulated by the Saudi Arabian Capital Market Authority in a public offering from Feb. 19 to April 3.
The fund seeks to achieve capital appreciation through investment in the development of a fully serviced, residential real estate project targeting the middle-income class.
The project, located to the northeast of Jeddah City at Al-Hamdaniyah District adjacent to Al-Haramain Road, will be constructed over a flat surface measuring around 800,000 sq. meters.
Development services also include construction of an integrated infrastructure like electricity network, street lighting, water supply network, sewage system, telephone network, roads and other necessary service oriented developments.
ANB Invest CEO Gary Littlejohn said: "This fund is ANB Invest's commitment to diversify its Shariah-compliant investment solution."
Hamad Ben Saedan, board chairman of Hamad Ben Mohammad Ben Saedan Real-Estate Investment Company, said the project offered an "attractive investment opportunity."
Nasser Al-Twaijri, head of sales and marketing at ANB Invest, said: "The fund will provide an opportunity to invest in domestic real-estate assets in lieu of equities, money markets or Murabaha transactions."
Abdullah Shafeea, ANB Invest's real estate portfolio manager, said: "Our partnership with Hamad Ben Mohammad Ben Saedan Real-Estate Investment Company, the project developer and promoter, is based on its extensive expertise."
© Arab News 2011
