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First Ever Saudi Real Estate Fund Launched for Private Clients

Paul Das

13 April 2005

Shamil Bank of Bahrain and the Saudi Arabian real estate company Rikaz for Development & Planning have launched the first ever Saudi-based real estate fund. The Royal Amwaj Real Estate Development Fund will invest in a major property development in Saudi Arabia and will be open to Saudi and non-Saudi investors. The $124.2 million fund is a Sharia’a compliant, three-year, closed-end investment fund, which will finance the development of the Royal Amwaj Resort, a one million square meter waterfront site in the Eastern Province of Saudi Arabia. “We see this as a huge opportunity for investors from the Gulf Cooperation Council - and the world at large - as the real estate sector in Saudi Arabia is poised for continued, unprecedented growth supported by the economic bull cycle being experienced in the region, as well as the inherent need to urbanise a growing population that is resulting from and fuelling its remarkable economic growth,” said Jamal Tartir, group head of private banking at Shamil Bank in a statement.