Riyadh – Mubasher: NCB Capital said that the Saudi Capital Market Authority (CMA) approved implementing initial public offering (IPO) for AlAhli real estate investment traded fund 1 (AlAhli REIT Fund1) units with a capital of SAR 1.375 billion.
The fund will be closed-end and compliant with Islamic sharia, and it aims to distribute cash dividends on two times for the shareholders of its annual net profits.
AlAhli REIT Fund 1 invests in developed, ready-to-use, and income-generating real estate assets.
The new fund will offer 41.250 million units with a minimum of SAR 10,000 for subscription in line with the REITs' instructions and regulations.
NCB Capital was established in 2017, it is a 90% subsidiary of the National Commercial Bank (NCB), the largest assets manager in Saudi Arabia, and the largest asset manager internationally with more than SAR 140 billion.
