Saudi's Alkhabeer eyes $266mln for new fund, subscription starts in December

Fund offers investors opportunity to invest in income-generating assets

Image used for illustrative purpose. Saudi riyal.

Image used for illustrative purpose. Saudi riyal.

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Saudi Arabia’s Alkhabeer Capital, an Islamic investment and advisory firm, has launched the subscription for its new fund, which it hopes will raise 1 billion Saudi riyals ($266.6 million).

Investors can subscribe to the Alkhabeer Diversified Income Traded Fund for a 15-day period, from December 6, 2020 to December 24, 2020, the company said in a statement on Sunday.

The first of its kind in the region, the fund offers investors the opportunity to achieve returns through diversified income-generating assets, including sukuks, trade finance, leasing, income funds and Murabaha.

“[The fund] aims to issues a maximum value of [1 billion riyals] to provide investors with the opportunity to generate periodic income through investing in income-generating assets, diversified across asset classes, sectors and geographies,” the firm said.

Alkhabeer received in September this year the approval from the Capital Market Authority (CMA) to begin the public offering of its new fund.

The company specialises in asset management, alternative investments and investment services.

(Writing by Cleofe Maceda; editing by Seban Scaria)

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© ZAWYA 2020

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