Jadwa Investment launches Jadwa REIT Al-Haramain Fund

Updated 20 April 2017
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Jadwa Investment launches Jadwa REIT Al-Haramain Fund

Jadwa Investment, an investment management and advisory firm in Saudi Arabia, announced the conclusion of the public offering of its first Shariah-compliant Real Estate Investment Traded Fund, Jadwa REIT Al-Haramain Fund, which will invest in real estate properties in Makkah and Madinah.
The REIT, which has an initial size of SR660 million ($176 million), offered SR360 million worth of units (36 million units with nominal value of SR10 per unit) to the general public through an initial public offer during April 3-9.
The REIT received an overwhelming response from the public as over 5,800 individual and intuitional investors subscribed for SR4.53 billion during the offer period, resulting in a 1.257 percent coverage of the offered units. As per the terms and conditions of the REIT, Jadwa Investment announced full allocation of up to 1,000 units for each subscriber. Allocation for the remaining units has been done on a pro-rata basis, resulting in approximately 6.746 percent allocation above the minimum 1,000 units. Furthermore, Jadwa announced that the refund of the excess subscription amount to investors will be done before the end of next week.
Tariq Al-Sudairy, managing director and CEO of Jadwa Investment, said: “Jadwa REIT Al-Haramain Fund is the first REIT Fund that offers investors the opportunity to invest in the attractive Al-Haramain real estate markets through a liquid investment vehicle and without the need for a large investment outlay. This, along with the attractive expected yield of the REIT, were the reasons behind the tremendous response during the public offering. REIT in general and real estate investments in the two holy cities in particular are an integral part of Jadwa’s growth strategy going forward.”
Haitham Al-Ghannam, head of alternative investments at Jadwa, said, “The initial portfolio of the REIT will comprise of two hospitality assets, a four-star hotel and a pilgrim accommodation. Both properties are located in Makkah with a combined capacity of 984 hotel rooms. The four-star hotel is located within 500 meters of Masjid Al-Haram, while the pilgrim accommodation is located approximately 900 meters from Mina. At its initial offer price of SR10 per unit, the REIT offers net initial yield of 5.2 percent, which is an attractive yield when compared with other similar investment opportunities focusing on Makkah and Madinah.”


Hyundai hosts female Saudi drivers in Korea

Updated 24 June 2018
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Hyundai hosts female Saudi drivers in Korea

Three Saudi-based female influencers have visited Korea as part of Hyundai’s outreach to women drivers in the Kingdom, and as brand ambassadors for the carmaker.

The three women include entrepreneur and lifestyle influencer Bayan Linjawi; radio presenter, travel blogger, and fashion lover, Shadia Abdul Aziz; and business-owner and fashion career coach, Reem Faisal. 

During their tour of Korea they received detailed briefings about Hyundai and its products, and toured production, design and research facilities. 

The program gave them an understanding of the innovative and advanced thinking that underpins today’s Hyundai models, and also included opportunities to experience Korean culture and heritage.

“This is an exciting moment for women and for motoring in Saudi Arabia, and Hyundai is committed to playing an active part in this historic change,” said Hyundai’s Head of Operations for Africa and the Middle East, Mike Song. “Hyundai’s models will appeal strongly to women from all walks of life, from younger more style-conscious drivers, to those who value practicality and quality. Our brand ambassadors are part of our strategy to highlight those qualities to women as they take their place behind the steering wheel.”

Hyundai has identified design and safety as key buying factors for female drivers in Saudi Arabia, and offers these attributes in a variety of segments, including sedans and SUVs. It has identified established names including the Azera, Sonata and Tucson as key products to promote, as well as the new Kona premium compact SUV.

The brand ambassadors will use a selection of these Hyundai models as they join the first ranks of Saudi female drivers, and will share their experiences with fans and followers. 

Included in their roles will be being part of digital commercials, social media postings, and event appearances under the umbrella of Hyundai’s Saudi campaign #whatsnext.