Albilad Capital and Rafal ink deal to create real estate fund

Albilad Capital signed a memorandum of understanding (MoU) with Rafal Real Estate Development, aimed at creating a closed real estate fund for development and operation to build a residential tower in one of the most dynamic locations at the center of Riyadh City.
Ayham Al-Yousef, Albilad Capital’s CEO, and Majed Al-Hogail, Rafal’s managing director, signed the agreement.
The agreement envisages that Albilad Capital will create the fund, and conduct the necessary studies and obtain the licenses and approvals from relevant authorities as well as offer the fund units for subscription.
Albilad Capital’s Chairman Khalid Abdulaziz Al-Mukairin said the agreement would give a paradigm shift to the concept of luxury apartments in Saudi Arabia and especially in Riyadh. A closed real estate fund will be created for this project aiming for capital growth for investors and the tower will be managed by an experienced and professional company in the luxury hotel operations to achieve good returns.
Al-Mukairin also stressed that the choice of Rafal was due to its expertise in real estate development and historical record. The project idea was generated as a result of several extensive studies of the real estate market in the Kingdom, which showed a gap between the demand for luxury apartments and the corresponding lack of supply.
Ayham bin Mohammed Al-Yousef, said: "Albilad Capital always sought to seize the best opportunities in property investment and this fund will be among several such products during the new year.
In addition, Albilad Capital is striving to improve and exceed the expectations of its clients to offer a mix of services and solutions that are compatible with their investment objectives. The money market and equity funds achieved an outstanding performance over the past two comparing with the past years.