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.


LuLu stores in Saudi Arabia launch Indian food festival

Updated 13 August 2020

LuLu stores in Saudi Arabia launch Indian food festival

  • The week-long event, in celebration of India’s Independence Day, features about 2,000 products

LuLu Hypermarkets is celebrating India’s Independence Day, which falls on Aug. 15, with an Indian-themed food festival across its stores in Saudi Arabia.

The week-long promotion, which continues until Aug. 18, features about 2,000 Indian products, including organic groceries, fresh foods, ethnic delicacies and desserts.

“We are trying to showcase the versatility and diversity of Indian food products handpicked by our well-spread supply chain in India and across the world,” said Shehim Mohammed, director of LuLu Hypermarkets Saudi Arabia.

The proximity of India to the Kingdom means that more fresh products arrive regularly, he added, most of which are flown in to maintain their freshness “as we move closer to a farm-to-fork concept in (the Kingdom), featuring both locally and internationally sourced ranges.”

As Saudi Arabia gears up for the start of the new school term, LuLu has also launched its back-to-school promotions.