RIYADH: Saudi Arabia's Jadwa Investment, which manages a portfolio of property worth SR12.6 billion ($3.36 billion), launched a new Shariah-compliant real estate fund.

The Riyadh-based company, which provides asset management and financial advisory, partnered with Tatweer Group, NUMU Holding Co. and Riyad Bank to launch this closed-ended fund with a target size of SR3 billion ($800 million). 

“The successful launch of the Real Estate Growth Fund underscores our belief in Saudi Arabia’s real estate sector and our commitment to provide clients the best selection of investment opportunities in this market,” Tariq Al-Sudairy, managing director and CEO of Jadwa Investment said in a statement. 

The fund provides investors with a stable stream of income by investing in differentiated, income-generating properties in the Kingdom.  It already acquired The Zone, one of Riyadh’s commercial spots, located in Al-Mohammadiya district. 

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