Riyadh – Mubasher: Swicorp has raised SAR 152 million ($40.53 million) for the Ewan Al-Maali Real Estate Development Fund, according to a statement on Tuesday.
The company noted that the aforementioned sum includes SAR 76 million in equity and SAR 76 million in a loan facility from a local bank.
Ewan Al-Maali was established by the partnership between Swicorp and Retal Urban Development Company, as the latter will develop and sell 76 luxury villas in Saudi Arabia’s Al-Khobar.
The construction of Ewan’s project is already well advanced and is expected to be completed by mid-2018. The project includes three different models for various housing units, according to the statement.
The Ewan Al-Maali fund is considered the third fund to be established with the partnership between the two companies, as they had already launched two other development funds, namely Al-Dhawahi and Al-Qayrawan.
Swicorp is a leading Capital Market Authority (CMA)-regulated asset management, private equity, and investment banking firm with a specific regional focus on the MENA region.
