Logo of Alkhabeer REIT Fund
Alkhabeer Capital, fund manager of Alkhabeer REIT Fund, announced an update of the fund's terms and conditions (T&C), as of Nov. 30, 2023.
1- Fund Directory: The fund’s appointed valuers list has been updated.
2- Fund Summary: The following items were added to comply with the Capital Market Authority's circular regarding the fund manager’s compliance with the rules of zakat collection:
-ZATCA Registration Expenses.
- Zakat.
The tax advisor’s fees have been updated.
3- Risks of Investing in the Fund:
- (Zakat and Income Tax Risks) statement has been updated to comply with CMA’s circular regarding the fund manager’s compliance with the rules of zakat collection.
- The name of the ZATCA Authority has been updated with the following risks:
a. Value-added tax risks;
b. Real estate transaction tax risks; and
c. Withholding tax risks.
- Fees, Service Charges, Commissions and Management Fees: All items of the (fees, service charges, commissions and management fees) paragraph have been updated to be consistent with the following updates:
- ZATCA registration expenses.
- Tax advisor’s Fees.
- Updating the calculation of independent directors’ remuneration to be calculated with the maximum range, as already mentioned in the first place, within the fund’s terms and conditions.
6. Fund Assets: The list of Fund’s appointed valuers has been updated.
7. Fund Board:
- The data of the fund’s board of directors members paragraph has been updated.
- The paragraph on conflict of interest has been updated to comply with relevant rules and regulations.
8- Other information: (Zakat) statement has been updated to comply with CMA’s circular regarding the fund manager’s compliance with the rules of Zakat collection.
- Appendix (2) – Summary financial disclosure: The following items were added in order to comply with CMA’s circular regarding the fund manager’s compliance with the rules of zakat collection:
- ZATCA registration expenses.
- Zakat.
9- Appendix (3) – Example of calculation of fees and the total expense ratio of the fund:
All items of Appendix (3) paragraph have been updated to be consistent with the following updates:
1- ZATCA registration expenses.
2- Tax advisor’s fees.
3- Updating the calculation of independent directors’ remuneration to be calculated with the maximum range, as already mentioned in the first place, within the fund’s terms and conditions.
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