Alkhabeer REIT inks SR420m deal with Al-Rajhi

Ahmed Saud Ghouth, CEO of Alkhabeer Capital, right, said that having a strong credit record would support Alkhabeer REIT’s future growth potential.
Updated 19 February 2019

Alkhabeer REIT inks SR420m deal with Al-Rajhi

Alkhabeer Capital, an asset management company specializing in alternative investments, announced on Sunday that Alkhabeer REIT has signed a facility agreement valued at SR420 million ($112 million) with Al-Rajhi Bank.

The Shariah-compliant facility agreement will have a tenor of five years, providing financing of SR420 million, out of which SR340 million will be used by Alkhabeer REIT to finance part of the targeted assets and SR80 million will be used for future acquisitions of income-generating assets. The SR1 billion Alkhabeer REIT, which successfully closed its IPO in November of last year, was oversubscribed at 104 percent and raised SR247 million from 25,124 retail and institutional investors. It is currently targeting net annual returns of 9 percent, which are among the highest rates in the market. 

Ahmed Saud Ghouth, CEO of Alkhabeer Capital, said: “Having a strong credit record would support Alkhabeer REIT’s future growth potential. 

“Thus, since its inception, we have been keen on building the fund’s credit record with the Kingdom’s banks and financial institutions.” 

He added: “This agreement is the result of Alkhabeer Capital’s unique relationship with Al-Rajhi Bank and we look forward to further strengthening this partnership.”

Alkhabeer Capital, headquartered in Jeddah, specializes in alternative investments and investment services. It is authorized by the Capital Markets Authority, license number 07074-37.

Alkhabeer’s asset management services focus on providing investment opportunities in domestic, regional and international capital markets through a range of real estate and private equity funds. The company’s real estate investment team structures and develops innovative real estate investment products. Alkhabeer’s private equity services develop products to benefit from attractive opportunities in a number of sectors including education, health care and others.

Alkhabeer’s asset management services provide its clients with investment opportunities in capital markets, while Alkhabeer’s investment banking provides investment services, including merger and acquisitions. Alkhabeer also provides advisory services on structuring Waqf entities and managing Waqf wealth through its Waqf program.

Alkhabeer REIT is a closed-ended Shariah-compliant real estate investment traded fund, created in accordance with applicable Saudi laws and regulations and operates under Capital Markets Authority regulations and directives. It is listed on the Saudi stock exchange (Tadawul) with total assets of SR1,004,423,860 and is 99 years old.

Marriott hotel, apartments open in Riyadh’s DQ

Updated 21 March 2019

Marriott hotel, apartments open in Riyadh’s DQ

Marriott International and Dur Hospitality this week celebrated the opening of the Riyadh Marriott Hotel Diplomatic Quarter and Marriott Executive Apartments Riyadh, Diplomatic Quarter. The complex is strategically located in the heart of one of the most sought-after areas in the city with easy access to key embassies and major corporate headquarters, and a 30-minute drive from King Khalid International Airport. 

“We are delighted to enhance our footprint in Saudi Arabia with the opening of two strategically important hotels that not only complement each other but also deliver very distinct brand experiences. Saudi Arabia continues to be one of our key markets and we are delighted to further strengthen our partnership with Dur Hospitality,” said Alex Kyriakidis, president and managing director, Middle East and Africa, Marriott International.

The hotel is inspired by Wadi Hanifa, a beautiful desert oasis running through Riyadh. The low-rise hotel resembles the smooth, dry canyon walls that make for a dramatic arrival experience. Once you step inside, the waterways guide the way into the building, ushering guests through the arrival court into the palm-dotted oasis in the hotel’s courtyard. Planted cacti, flowering vines, plentiful blooming desert flora and native date palm trees create a calming ambiance, providing shade from the desert sun. 

The complex is the first five-star full service hotel in the Diplomatic Quarter and features 80 spacious modern rooms, and 140 fully equipped apartments. The deluxe rooms feature modern décor and ample work space, allowing guests to stay connected with in-room technology, including high-speed WiFi and bedside USB outlets. Guests staying in one of the six Premium Suites or the Presidential Suite can enrich their experience in the M Club Lounge offering an international buffet, hors d’oeuvre and local specialties 24 hours a day. 

The Riyadh Marriott Hotel Diplomatic Quarter houses three dining venues, Goji Kitchen — an all-day dining destination, a la carte restaurant Mesquite and Agave Café located in the lobby. The hotel offers multiple recreational areas surrounded by lush greenery. 

Muin Serhan, general manager of Marriott Hotels in Riyadh, said: “The opening of Marriott Riyadh and Marriott Executive Apartments Riyadh Diplomatic Quarter is considered an important milestone in our developing journey in the hospitality field; we are keen to provide a very special experience to our valuable guests whatever they are traveling for — business or leisure.”

He added: “And we are very proud to be part of the new Marriott travel program ‘Marriott Bonvoy,’ built on the belief that travel enriches its members and the world around them. Launching in February 2019, Marriott Bonvoy replaces Marriott Rewards, The Ritz-Carlton Rewards and Starwood Preferred Guest (SPG).”