Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi- Alahli SEDCO Residential Development Fund launched  Join our daily free Newsletter

MENAFN - Arab News - 07/02/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN -Arab News) 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 opportunityThe 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

 






  MENA News Headlines
 Jul 23 2014 - Majid Al Futtaim posts USD3.5b H1 revenuesMENAFN
(MENAFN) Dubai-based shopping mall developer Majid Al Futtaim (MAF) posted a 14 percent growth in the first-half revenues, citing growing earnings across its business units, Emirates 24/7 ...

 Jul 23 2014 - Bahrain's BCFC profit up 13 percent in H1MENAFN
(MENAFN) Bahrain Commercial Facilities Company (BCFC) saw a 13 percent rise in consolidated net profit at USD19.1 million in the first half of the current year compared to USD16.88 million in the ...

 Jul 23 2014 - Asian, Western firms to invest in UAE's oilfieldsMENAFN
(MENAFN) Asian and western firms plan to help operate the UAE's biggest oilfields after a deal with oil majors expired this year, according to Arabian Business.A final decision on the winning firms ...

 Jul 23 2014 - Dubai's Arenco awards Chinese firms two contractsMENAFN
(MENAFN) China State Construction Engineering Co (CSCEC), the Asian superpower's third largest construction firm, has been awarded two contracts from Dubai-based based developer Arenco Real Estate to ...

 Jul 23 2014 - Kuwait- All must work to encourage youth to be creative productive: AmirArab Times
(MENAFN - Arab Times) WAIT CITY July 21 (KUNA): His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah received Monday at Seif Palace the top ten winners of Al-Mubader Youth-Support and Small ...

 Jul 23 2014 - Female thief caught red-handed at Grand MosqueArab News
(MENAFN - Arab News) A female pickpocket was caught at the Grand Mosque in Makkah with more than SR100000 in cash gold mobile phones and women's bags an online paper reported.Field teams working with ...

 Jul 23 2014 - UAE's Just Falafel to expand in OmanMENAFN
(MENAFN) UAE-based food operator Just Falafel said it plans to expand in Oman in a deal to open 10 new outlets, according to Arabian Business.The new stores will be distributed in several places ...

 Jul 23 2014 - Africas oil amp gas sector continues to show substantial growth despite regulatory uncertaintyMENAFN Press
(MENAFN Press) JOHANNESBURG South-Africa July 23 2014/African Press Organization (APO)/ -- The challenges facing oil & gas companies operating in Africa continue to be diverse and numerous fuelled by ...

 Jul 23 2014 - Central African republic sanctions draw attention recomendationMENAFN Press
(MENAFN Press) NEW YORK July 23 2014/African Press Organization (APO)/ -- On 21 July 2014 the Security Council Committee established pursuant to resolution 2127 (2013) concerning the Central African ...

 Jul 23 2014 - Switzerland commits a further CHF 500000 to fight Ebola epidemic in West AfricaMENAFN Press
(MENAFN Press) BERN Switzerland July 23 2014/African Press Organization (APO)/ -- The SDC is allocating CHF 500000 to support Médecins Sans Frontières-Switzerland (MSF-Suisse) in its work to combat ...

more...


 






Google

Taqs

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help