By: Mohamed Idris
Riyadh – Mubasher: Saudi "Riyad REIT fund" will not be affected by the application of the International Financial Reporting Standards (IFRS), Adel Al-Ateeq, senior vice president of Riyad Capital, told Mubasher on Sunday.
The assets of the fund were calculated based on the cost price and as per the IFRS, Al-Ateeq added on the sidelines of the Riyad REIT fund listing ceremony.
The vice president noted the variation in investment in the fund prevent the default in some leasing sectors, as the number of leasees reached 84, while the rental duration in the fund's contracts reached 7 years and half.
Moreover, Riyad Capital's CEO, Ali Al-Gwaiz, pinpointed that the fund has the privilege to borrow about 50% of the total value of its assets; noting that the fund is expected to increase its assets volume through acquiring current real estates or offering right issue shares.
Tadawul announced the listing and trading units of Riyad Real Estate Investment Traded Fund “Riyad REIT” as of Sunday, to be the first REIT to be listed on Tadawul.
Translated by: Sara Ghali
