Saudi-based Al-Nefaie Investment Group (NIG) signed an agreement with Mohammed Alsubeaei & Sons Investments Co. (MASIC) to set up a new real estate investment traded fund (REIT) in Jeddah.
The fund will be established when the related valuation, due diligence and paperwork are completed, NIG added in a statement on Wednesday.
NIG aims to fulfill client demand for opportunities in investment in income-generating assets, board chairman, Sheikh Mohammed Al-Nefaie said.
Alsubeaei is a real estate developer and owns high-yield real estate assets.
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