Al Akaria to finalize regulatory procedures to liquidate Alinma Fund within two months

15/04/2021 Argaam

Logo of Saudi Real Estate Co. (Al Akaria)

Saudi Real Estate Co. (Al Akaria) said that work is underway to finalize all the required procedures to terminate and liquidate Alinma-Al Akaria Fund for Real Estate Development, expected to be complete within two months.

 

The company signed the termination agreement and issued the financial statements to complete the closing process, the real estate developer said in a bourse filing.

 

Al Akaria is working to transfer the ownership of the invested lands, as well as the cash investment amount of SAR 40 million, after reaching an agreement with Alinma Investment to deduct an amount of SAR 10 million to cover the previous expenses related to asset management and fund structure. 

 

In November 2020, Al Akaria received a notice about the termination of Alinma-Al Akaria Fund for Real Estate Development, upon request of Al Akaria, which owns 100% of the fund's investment units, according to data compiled by Argaam.

 

In September 2018, Al Akaria signed an agreement with Alinma Investment, a unit of Alinma Bank, to set up the fund.

 

The fund's goal was to develop three sites in Riyadh and turn them into mixed-use projects, with a total value of SAR 1.5 billion.

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