Ajlan and Bros. and Emaar Properties establish a real estate fund of 400 million riyals
03 June 2012Arbah Financial Company - the manager of the Ammar Real Estate Opportunities Fund - which is based in Dammam, announced the start of development work for projects financed through the Ammar Real Estate Investment Opportunities Fund, which was closed after the completion of the private offering of the fund with a total of 400 million through a strategic partnership between Ajlan Bros Group and a company. Ammar Real Estate and Arbah Financial Company in a special ceremony held in Al-Khobar.
Ajlan bin Abdulaziz Al Ajlan, Chairman of the Ajlan and Bros. Group, Chairman of the Board of Directors of Ammar Fund for Real Estate Investment Opportunities, said that the fund aims to exploit various real estate investment opportunities throughout the Kingdom, especially projects that are characterized by rapid growth and that require speed in making investment decisions, to include real estate opportunities On the initial development of industrial, commercial, residential, agricultural and other lands in addition to the development of the superstructure.
Al Ajlan stated that Ammar Fund is a closed real estate investment fund that is compatible with the provisions and principles of Islamic Sharia, and was established according to the relevant regulations issued by the Capital Market Authority, indicating that the initiative to launch the real estate fund came in response to the investors' need for investments that are compatible with legislation and laws, and the nature of the real estate market. In the Kingdom, which is one of the largest and fastest growing markets in the Gulf region, supported by the local population and economic growth factors that constitute the main pillar and driving force of the Saudi real estate market.
For his part, Abdul Hadi bin Fahd Al-Qahtani, CEO of Ammar Real Estate Company (founder and principal developer of the fund), said that Ammar Real Estate Company has many experiences in developing various real estate projects, and has implemented successful real estate development projects and marketing these real estate projects at the regional level over the past years, until It has become the leading position in the field of creating the most advanced and modern housing and real estate solutions, utilizing this experience in enriching the business of Ammar Real Estate Fund as an added value provided by Amar to investors and ultimate buyers of real estate units.