Riyadh – Mubasher: Swicorp Saudia Co. (Swicorp) on Wednesday launched its Swicorp Bawabat Makkah Real Estate Investment Traded (REIT) fund at a value of SAR 1.35 billion.
The fund aims to increase the liquidity of its subscribers on medium-term through developing land in Makkah, and sell serviced residential and commercial land plots.
The fund is closed-ended REIT fund, compliant with Islamic sharia, and it lasts for three-year period that can be extended for two times of one year each, according to a statement to the Saudi Stock Exchange (Tadawul).
Subscription in the fund is available for Saudi citizens, firms, and investment funds through Swicorp or through specified branches of the Arab National Bank (ANB), with a minimum subscription value of SAR 50,000 per person.
The closing date of the fund is expected to be on 25 Jumada Al-Thani 1439 Hijri year, and the manager of the fund can close it before this date if the minimum subscription amount was collected.
