Saudi Arabian asset management and advisory company Jadwa Investment has set up a property fund worth 250 million Saudi riyals ($66.6m) to invest in the development of multiple commercial complexes in Riyadh and Jeddah, as it seeks to capitalise on the growing demand for property in the kingdom.
Al Shorfa Investment Fund is a Sharia-compliant real estate investment vehicle, with an expected term of five years, Jadwa said on Wednesday.
Jadwa, which set up the closed-end investment vehicle in partnership with First Avenue For Real Estate Development Company, manages assets worth 35 billion riyals.
Al Shorfa Investment Fund will be of particular interest to investors interested in premier real estate assets across Riyadh and Jeddah
Tariq Al-Sudairy,
managing director and chief executive, Jadwa Investment
“Al Shorfa Investment Fund will be of particular interest to investors interested in premier real estate assets across Riyadh and Jeddah,” said Tariq Al-Sudairy, managing director and chief executive of Jadwa Investment.
Saudi Arabia is focused on diversifying the economy under its Vision 2030 programme that aims to develop local industries and cut its dependence on hydrocarbons.
The kingdom plans to turn Riyadh into one of the top 10 city-economies in the world. It is investing $220bn to transform the capital and expects to attract a similar level of investment from the private sector, according to Fahd Al Rasheed, president of the Royal Commission for Riyadh City.
Nearly 330,000 square metres of gross leasable office space were delivered in Riyadh over the third quarter this year, said global real estate consultancy JLL. Meanwhile, in Jeddah, only 40,600 square metres of office stock was added in the same period, JLL reported.
The majority of upcoming stock in both the cities is Grade A floor space, according to the consultancy. Demand was strongest from the government and banking sectors, which broadly aimed at large floor spaces in Riyadh, JLL said.
“Our partnership with Jadwa Investment in Al Shorfa Fund aspires to provide investors with access to premium real estate projects … and to develop standard-setting properties for the kingdom’s real estate market,” said Nader Al Amri, chief executive of First Avenue For Real Estate Development Company.
Jadwa Investment will serve as the fund manager while First Avenue For Real Estate Development Company will be the development partner, the statement said.
Al Shorfa Fund has acquired three assets to date, said Jadwa. This is part of a series of real estate development funds that Jadwa launched this year.
In April, Jadwa set up a property fund worth 1bn riyals to develop prime residential projects in the kingdom. Al Dar Investment Fund will develop more than 1,500 residential units in Riyadh, through several apartment complexes aimed at medium- to high-income households.
UNSC Elections 2022-23
Seats open:
- Two for Africa Group
- One for Asia-Pacific Group (traditionally Arab state or Tunisia)
- One for Latin America and Caribbean Group
- One for Eastern Europe Group
Countries so far running:
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Chris%20Jordan%20on%20Sanchit
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
KILLING OF QASSEM SULEIMANI
Results
5pm: Wathba Stallions Cup Maiden (PA) Dh 70,000 (Dirt) 1,000m, Winner: Hazeem Al Raed, Antonio Fresu (jockey), Ahmed Al Shemaili (trainer)
5.30pm: Handicap (PA) Dh 85,000 (D) 1,000m, Winner: Ghazwan Al Khalediah, Hugo Lebouc, Helal Al Alawi
6pm: Maiden (PA) Dh 70,000 (D) 1,400m, Winner: Dinar Al Khalediah, Patrick Cosgrave, Helal Al Alawi.
6.30pm: Handicap (TB) Dh 70,000 (D) 1,600m, Winner: Faith And Fortune, Sandro Paiva, Ali Rashid Al Raihe.
7pm: Maiden (PA) Dh 70,000 (D) 1,600m, Winner: Only Smoke, Bernardo Pinheiro, Abdallah Al Hammadi.
7.30pm: Handicap (PA) Dh 70,000 (D) 1,600m, Winner: AF Ramz, Saif Al Balushi, Khalifa Al Neyadi.
8pm: Maiden (PA) Dh 70,000 (D) 2,000m, Winner: AF Mass, Tadhg O’Shea, Ernst Oertel.
Results
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ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
Mohammed bin Zayed Majlis
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
Zakat definitions
Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.
Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies.
Zakat Al Mal: the ‘cleansing’ of wealth, as one of the five pillars of Islam; a spiritual duty for all Muslims meeting the ‘nisab’ wealth criteria in a lunar year, to pay 2.5 per cent of their wealth in alms to the deserving and needy.
Zakat Al Fitr: a donation to charity given during Ramadan, before Eid Al Fitr, in the form of food. Every adult Muslim who possesses food in excess of the needs of themselves and their family must pay two qadahs (an old measure just over 2 kilograms) of flour, wheat, barley or rice from each person in a household, as a minimum.
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Who has been sanctioned?
Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
Second Test, Day 2:
South Africa 335 & 75/1 (22.0 ov)
England 205
South Africa lead by 205 runs with 9 wickets remaining
