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.


Russian and Egyptian presidents meet to boost trade

Updated 17 October 2018
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Russian and Egyptian presidents meet to boost trade

  • The two leaders have developed a close personal rapport and are seeking to expand bilateral ties

MOSCOW: Russian President Vladimir Putin is hosting his Egyptian counterpart Abdel-Fattah El-Sisi for talks focusing on ways to boost trade between the two nations.
The two leaders have developed a close personal rapport and are seeking to expand bilateral ties, which have strengthened considerably over the past few years.
Opening Wednesday’s talks in the Black Sea resort of Sochi, Putin said that bilateral trade rose by 62 percent last year.
El-Sisi called on Russia to resume direct flights to Egyptian resorts, which Moscow suspended after a bomb planted by the Daesh group brought a Russian passenger plane down over Sinai in October 2015, killing all 224 people on board.
El-Sisi is on his fourth trip to Russia since taking office in 2014, and Putin visited Egypt in 2015 and 2017.