Alahli SEDCO Residential Development Fund launched

Updated 05 February 2014

Alahli SEDCO Residential Development Fund launched

NCB Capital has joined hands with Jeddah-based SEDCO Development Company to launch the AlAhli SEDCO Residential Development Fund, a public close-end Shariah-compliant investment opportunity
The fund provides investors with capital growth by purchasing land plots in Jeddah for development, construction and sale of residential apartments targeting the middle income segment of the population. Minimum subscription is SR50,000 and the fund aims to have an internal rate of return of 10 percent per year.
Tariq Linjawi, acting CEO and head of wealth management at NCB Capital, said: "Combining NCB Capital's success in launching and managing real estate funds with SEDCO Development's expertise as one of the most successful real estate developers in the region, the new fund has been created to address the shortage of reasonably affordable residential accommodation for middle and upper income home buyers.
Jeddah's residential market-wide gap is estimated to be 21,000 units per year.
SEDCO Development has been appointed as the developer of the AlAhli SEDCO Residential Development Fund, responsible for managing and conducting the development.
Khalid Jamjoom, CEO of SEDCO Development, stated: "The merging of two major players in the local market provides investors a unique opportunity to participate in a quality product that meets the strong demand for this type of residential property in Jeddah."
Anees Moumina, CEO of SEDCO Holding Group, said: "We are excited about this collaboration between NCB Capital and SEDCO Development and believe that AlAhli SEDCO Residential Development Fund will have a role in supporting the Real Estate Sector in Saudi Arabia."
Real estate financing is expected to increase by 60 percent during 2014-2019 to SR210 billion and the introduction of the Mortgage Law is expected to further drive demand.


Future Hospitality Summit eyes tourism recovery

Updated 28 September 2020

Future Hospitality Summit eyes tourism recovery

Future Hospitality Summit, a hybrid virtual conference to explore big ideas and tackle the challenges facing the hospitality industry, is set to take place live from Riyadh and around the world, on Oct. 26 and 27. It is organized by the Saudi Ministry of Tourism and the G20 Saudi Secretariat, as part of the International Conferences’ Programme, honoring the G20 Saudi presidency year 2020.

The event, which promises to be one of the most impactful gatherings of the world’s hospitality community, will be delivered on Bench Digital’s tried-and-tested digital event platform, providing an immersive live experience, including a virtual exhibition, one-to-one video networking, and integrated chat features for all participants.

A comprehensive three-pillar program has been developed in collaboration with industry creators, innovators and mentors, with particular focus on understanding the new landscape, collaborating and assessing opportunities, and innovating to recreate the industry’s future. Arne Sorenson, president and CEO, Marriott International; Arnold Donald, CEO, Carnival Corporation; Gloria Guevara, CEO and president, WTTC; Jerry Inzerillo, CEO, Diriyah Gate Development Authority; and Anita Mendiratta, special advisory to the secretary general, UNWTO; are lined up as featured speakers, along with over 100 other speakers and thousands of attendees.

“As a country that is at the forefront of the tourism sector’s response and recovery plans through the G20 presidency, Saudi Arabia is leading the conversation on the future of tourism and will provide an international platform to bring the industry together at the Future Hospitality Summit. Together, we will map out the rebuilding of the tourism and travel sector and strategically plan a sustainable future for stakeholders at every level,” said Mahmoud Abdulhadi, deputy minister for investment at the Saudi Ministry of Tourism.

Jonathan Worsley, chairman and founder of Bench Digital, added: “During this difficult time, it is vital that hospitality professionals across the globe come together as a community to work toward the recovery of our industry. Future Hospitality Summit will not only provide a powerful platform to network virtually, showcase best practice and demonstrate thought leadership, but it will also prove invaluable in ensuring that the industry emerges stronger as a whole from these unprecedented challenges.”

Empowering tomorrow’s workforce and attracting talent into the hospitality sector — imperative factors in sustaining the industry — will be two of the key focus points of the hybrid summit. Developing a skilled workforce is paramount in order to quickly evolve and keep pace with the demand being created from the hospitality sector. In Saudi Arabia, for example, 253 new hotels are coming online by 2030. Consequently, Future Hospitality Summit is a forum to engage with the hospitality workforce of the future and promote the sector as an attractive career path.