JEDDAH, 12 May 2004 — The National Commercial Bank (Al-Ahli) has signed an agreement with Al-Esayi real estate groups to establish a property investment fund, the Al-Ahli Real Estate Development Fund. It will start with SR400 million in short-term investment approved by the Legal Observation Authority. Abdullah Badahman, president of NCB’s board said the new Saudi-riyal fund would allow investors to participate in development projects for residential and commercial property in major cities in the Kingdom. Abdulhadi Shaef of NCB said the minimum investment was SR100,000.