Al-Rajhi REIT shares to go on sale next week

Updated 26 December 2017
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Al-Rajhi REIT shares to go on sale next week

LONDON: The initial public offering period of Al-Rajhi REIT Fund will run from Jan. 1 to Jan. 14, Al-Rajhi Capital said.
The fund will have a size of SR1.62 billion ($282 million), the fund manager revealed.
Some 42.67 million units will be offered to investors at SR 10 each.
“The Sharia-compliant fund aims to acquire or invest in income-generating commercial, office, and educational assets, as well as warehouses, which are mainly located in the Kingdom, except for Makkah and Madinah,” the fund said in a statement.
The preliminary portfolio comprises 13 assets that generate income at the end of January and July of every year.
The fund’s assets are spread across various sectors in the Kingdom, namely: Retail (54 percent), warehouses (12 percent), offices (26 percent) and education (8 percent).
Eligible investors are Saudis, GCC nationals, foreigners residing in the Kingdom, institutions, companies, and investment funds operating in the Kingdom, along with Qualified Foreign Investors.
About six Saudi REITs have listed on the Tadawul in recent months following legislation passed at the end of 2016, clarifying the rules governing the listing of these property vehicles that have long been around in Europe and the US but are relatively new in the Gulf. Two have been launched in Dubai since 2014.


EU fines Mastercard $647m in anti-trust action

Updated 42 min 52 sec ago
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EU fines Mastercard $647m in anti-trust action

  • EU has fined global credit card giant Mastercard $647 million for hindering competition with banks
  • An official said Mastercard has prevented merchants from shopping around for better conditions offered by banks in other member states

BRUSSELS: The European Union has fined global credit card giant Mastercard $647 million for hindering competition with banks offering cheaper payment fees.
“By preventing merchants from shopping around for better conditions offered by banks in other member states, Mastercard’s rules artificially raised the costs of card payments, harming consumers and retailers,” competition commissioner Margrethe Vestager said.