Swicorp raises SR112m in equity for Ewan Al-Qayrawan fund

Swicorp, a leading asset management, private equity and investment banking firm with a specific regional focus on the MENA region, has raised SR112 million in equity and arranged a SR132 million loan facility from a local bank for Ewan Al-Qayrawan Real Estate Development Fund.
The fund was established by Swicorp in partnership with Retal Urban Development Company, which offers comfort, luxury and affordability to a wide and growing market. A subsidiary of the Al-Fozan Group, Retal will develop and sell 164 villas in Dammam City.
Swicorp, founded in 1987 by current chairman Kamel Lazaar, and licensed by the Saudi Capital Market Authority and the Dubai Financial Services Authority, has become one of the region’s premier financial services providers. It has an extensive track record over more than 25 years of pioneering mergers and acquisitions, advisory and real estate transactions across MENA.
Kais Mbarek, head of asset management at Swicorp, said: “Swicorp is honored to take the role of fund manager for Ewan Al-Qayrawan and to contribute to the development of the real estate sector in the Eastern Region. We are confident we will be able to generate attractive returns for fund investors in partnership with Retal Urban Development Company and hope this Fund will be the start of a long-term mutually beneficial relationship between the two parties. Ewan Al Qayrawan Fund is another important addition to the range of products and funds that Swicorp carefully selects to satisfy the varied demands of its clients and investors.”
Under the structured plan, the fund will return the money to investors by end of 2016 and start of 2017.
Mbarek added: “Ewan Al Qayrawan represents an important milestone for our asset management activity. It is the second in a series of real estate funds, which we will be launching soon.”