Arab News, Tuesday, Apr 6, 2021 | Shaaban 23, 1442
$266m Jadwa Investment fund aims to build 1,500 homes in Riyadh
Saudi Arabia:
Riyadh-based investment management and advisory firm Jadwa Investment has
launched a SR1 billion ($266 million) Shariah-compliant real estate fund to
develop more than 1,500 homes in the Saudi capital.
The Aldar Investment Fund has been set up in partnership with Almajdiah Group
and Riyad Bank and will have a term of three years plus two one-year extensions.
The fund aims to develop more than 1,500 residential units at sites throughout
Riyadh, targeting mid- to high-income Saudi households, and forms part of the
government’s wider Vision 2030 ambition to increase home ownership in the
Kingdom to 70 percent, up from 50 percent in 2018.
Haitham Al-Ghannam, managing director and head of real estate at Jadwa
Investment, said: “The record demand shown during the fund’s offering period
demonstrates the attractiveness of the local residential real estate market
today, particularly in Riyadh, where we intend to expand further.”
Jadwa Investment last year saw its investment advisory practice cross the SR30
billion milestone in assets under advisement, a significant rise on last year’s
SR13.4 billion.
Ghanem Alghanem, managing director of investment management advisory at Jadwa
Investment, told Arab News last year that the firm had plans to launch a number
of new funds in 2021.
“Our international infrastructure fund and international leasing fund will
respond to increased client appetite for diversification into asset classes with
a lower correlation to public markets.
“Our international multi-strategy private equity fund will respond to the need
for growth assets in a low-yield environment. All three funds should be launched
during 2021,” he said.