Itqan Capital is announces Completion of REIF-I Capital Raising
17th March 2012
REIF-I is Shariah- compliant closed-end investment fund, established as a private placement pursuant to the Investment Fund Regulations and the Real Estate Investment Regulations issued by the Saudi Capital Market Authority.
Engineer Abdul Aziz Mohammed A. Yamani, Chairman of Itqan Capital said: “the real estate sector in Saudi Arabia is one of the safest investment sectors with high and sustainable growth, despite economic crisis both regionally and globally. With this in mind, Itqan Capital has been keen to provide Shariah compliant real estate investment products to achieve competitive financial returns for investors, companies and organizations in the Kingdom and across the GCC region”.
MR. Adil Saud Dahlawi, Managing Director and CEO of Itqan Capital said: “the world particularly with the continuing global economic crisis witnessing heightened demand for Islamic financial instruments, encouraging Shariah compliant investment companies and financial service providers to take the lead in developing special investment products and pursue new opportunities for investors in line with client requirements and market trends”
“REIF-I is one of the biggest real estate funds focused on purchasing and managing residential and commercial properties in major Saudi cities. Average net ROI is expected to be 7-8 percent annually, including bi-annual dividends, with internal rate of return of 9-11 percent throughout the fund period” he added.
For further information, please contact:
Al Shatei Center, Al Malik Road,
PO Box 8021, Jeddah 21482,
Kingdom of Saudi Arabia
Tel: +966 2 234 7000
Fax: +966 2 234 7222