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.”


Danube Group re-launches Filmfare Middle East Magazine in Dubai

Updated 23 April 2018
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Danube Group re-launches Filmfare Middle East Magazine in Dubai

DUBAI: UAE’s largest diversified conglomerate, the Danube Group has made a grand entry into the dynamic media industry with the re-launch of film and celebrity magazine ‘Filmfare Middle East’ on 30th March 2018 at Raj Mahal Theatre, Bollywood Parks, Dubai.
The glittering event had an air of class, luxury, panache and some truly spectacular moments with the reigning super stars from Indian and Pakistani cinema, such as Deepika Padukone, Karan Johar, Fawad Khan, Mehwish Hayat, Manish Malhotra, Jackie Shroff, Dia Mirza along with Founder and Chairman of Danube Group Mr. Rizwan Sajan and the crème de la crème of Dubai.
Singers like Armaan Malik, Aman Malik, Usha Uthup and Bappi Lahiri raised the tempo of the evening by hitting on the high notes, while performing live in their own style enthralling crowds.
Knocking everyone socks off, the truly talented Bharti Singh got the crowds to laugh out loud. A tribute to the veteran actor Sri Devi was one of the highlights of the evening followed by numerous felicitations of the leading stars.
The fearless, hugely talented and truly stunning Deepika Padukone unveiled the cover of the magazine at the event. The stars showed bedazzled the red-carpet as fans and eager autograph hunters gathered hours in advance hoping to catch a glimpse of their favorite actors.
The proud owner Mr. Rizwan Sajan said: “Filmfare Middle East is a cult brand and it was my dream to revive this brand. We started this venture because we believed that this magazine holds an essence for the cinema and a huge readership among its target audience. We’re grateful to our readers and advertisers for their loyal support. Hope, the magazine will keep the same old spirit.”
He further added: “I would like to personally thank each star for taking out time from their busy schedule. Additionally, kudos to my whole team to leave no stone unturned for this fabulous event.”
The new avatar of the magazine will be catering predominantly to the large Asian expatriate population in the UAE and the GCC, as well as a significant Arab population who love their cinema and celebrities.
Danube Group traces its origin through Danube Building Materials. Established in 1993, the company provides more than 25,000 products in stock and in-house value added services in all of its multiple set of showrooms across the Middle East region and India.