Logo of Al-Mashaar REIT Fund
Muscat Capital Co. announced today, April 4, 2021, that the net asset value (NAV) of Al Mashaar REIT Fund declined 13.11%, or SAR 76.64 million, year-on-year in 2020, based on audited financial statements.
In a bourse statement, the fund manager attributed the decline mainly to the decrease by 10.81% in the valuation of the funds’ assets in 2020, compared to a year earlier.
The fund logged a total loss of SAR 55.04 million in 2020, against a total profit of SAR 24.44 million in 2019. This loss was due to the decrease in the value of rents in light of the COVID-19 pandemic and the suspension of Hajj and Umrah.
The fund manager also indicated that the drop in the value of real estate investments and rental value negatively affected the results for 2020.
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