|16 September, 2019

Saudi Alkhabeer Capital to launch Waqf Fund 1

AWF I will be an open-ended investment fund that is planned to be listed on the Saudi Stock Exchange (Tadawul)

A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

REUTERS/Faisal Al Nasser

JEDDAH – Alkhabeer Capital, a prominent asset management company specializing in alternative investments, announced its intent to launch Alkhabeer Waqf Fund 1 in the fourth quarter of this year, which was approved by the Capital Market Authority in May 2019, in partnership with Majid Society for Community Development.

AWF I will be an open-ended investment fund that is planned to be listed on the Saudi Stock Exchange (Tadawul). The Fund will aim to provide Majid Society with a consistent and reliable source of income to support its various community development programs and initiatives that are centered around empowering individuals and families, and the Kingdom’s large youth population. Through Majid Society, and other relevant stakeholders, the Fund will provide young people the required support to develop and grow their entrepreneurial ventures.

Chief Executive Officer of Alkhabeer Capital Ahmed Saud Ghouth said: “As a proud Saudi company we are deeply invested in the development of our society and economy and actively look for opportunities to contribute to the ongoing progress, and make a positive impact through the success we have achieved over the years. The idea for this endowment fund is to give investors a unique opportunity to participate in community development through investing in initiatives of Majid Society, a leading social organization.”

He added: “We look forward to working closely with Majid Society and supporting their noble work. Their programs are aimed at unlocking the potential of our youth to grow the talent pipeline, in line with the Saudi Vision 2030 and the development of Kingdom’s economy. Through this Fund, Alkhabeer Capital will be enabling participation from a broader range of stakeholders, helping to make a difference in the socio-economic fabric of our country.”

Hammam Khaled Zarea, Director General of Majid Society, said: “By providing us with a sustainable source of income, this Fund will enable us to play a greater role in fulfilling our mission of building a brighter future by serving our community and empowering its youth. This will also help up contribute to one of the pillars of Vision 2030, which aims to increase the nonprofit sector’s contribution to GDP from 1% to 5%. We are pleased to partner with Alkhabeer Capital, a company that shares our values and vision of providing our communities with greater opportunities.”

 

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