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New $133m Saudi real estate fund planned

29 Jun 2009

New $133m Saudi real estate fund planned

Kuwait-based Global Investment House has revealed that it is planning to launch a 500 million riyal ($133 million) fund to purchase real estate in Saudi Arabia.

Maktoob Businness cited comments confirming the plans made by the head of asset management for Global Investment House to Kuwait daily Al-Rai.

Ziad Awad told the publication that the fund will have a tenor of three to five years and that it will be launched next year.

He asserted that the return on investment would be about 20 per cent every 12 months.

Mr Awad noted that the first Islamic investment fund in Saudi Arabia provided returns of 36 per cent per annum - 11 per cent more than conventional funds set up by Global.

Saudi Arabia's real estate market is set to get a boost from the introduction of a new mortgage law in the country.

It will be the first piece of mortgage legislation in the country and is widely forecast to prompt an influx of overseas investors purchasing residential real estate in Saudi Arabia. ADNFCR-1127-ID-19240955-ADNFCR


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