Swicorp Wabel REIT’s board approves name change to Alinma Retail REIT Fund

Logo of Alinma Investment Co.

Swicorp Wabel REIT Fund’s board of directors approved changing the fund’s name to Alinma Retail REIT Fund, the fund manager Alinma Investment Co. said in a statement to Tadawul today, March 23.

The board also approved changing the name of the Shariya Committee to The Accredited Shariya Committee of Alinma Investment Co.

These non-fundamental changes will come into effect starting April 5, the statement noted.

In a separate statement, Alinma Investment announced an update to the terms and conditions of Swicorp Wabel REIT Fund, as of April 5.

The update to the terms and conditions is in accordance with the amended real estate investment funds regulations and the amended glossary of defined terms used in the regulations and rules of the Capital Market Authority (CMA).

In December, Swicorp Co. announced receiving a notification about the CMA board’s decision to dismiss it from managing the publicly traded Swicorp Wabel REIT Fund, and to appoint Alinma Investment Co. as the alternative fund manager, Argaam reported.

In February, Alinma Investment announced the ending of REIT management responsibilities transfer period as per the regulations of the CMA.