AI Summary
The signing of the agreement
Malaz Capital launches its new real estate fund "Durrat Al Janadriyah Fund", a sharia-compliant closed-end real estate development fund that aims to develop a 1.5 million square meter raw land located in a prime location on Khurais Road in Al Janadriyah District, Riyadh, near the intersection between Dammam and Khurais roads. The land will be sold after the development of infrastructure such as electricity, water, roads, and public areas. The total asset size of the fund will amount to SAR 775 million.
Waheej for Real Estate Company is the developer of Durrat Al-Janadriyah Project, which is located near various established mega-developments and educational institutions and has excellent accessibility via several main roads. These attributes will support demand for the project land and a successful exit strategy for the fund.
On this occasion, Mr. Hasan Al-Jeshi, CEO of Malaz Capital, stated: “we are proud to announce our strategic partnership with Waheej Real Estate Company to develop Durrat Al-Janadriyah Project. By combining Malaz Capital expertise in investment management and Waheej's established presence in the real estate sector, Durrat Al-Janadriyah Fund offers an investment opportunity to invest in this promising sector, which is pivotal to the Kingdom’s Vision 2030.
Engineer Rashed Saud Al Jadoua, Chairman of Waheej for Real Estate Company, said: “we are proud of our partnership with Malaz Capital, which provides a range of investment products. The collaboration will pave the way for developing a high-end projects that cater to the increasing demand for real estate in the eastern region of Riyadh”.
Mr. Mohamed Wahby, Managing Director Private Equity and Real Estate at Malaz Capital, commented: “the development initiatives for Riyadh City, along with the increasing foreign direct investments and population growth, make Riyadh a desirable location for both businesses and families and act as a growth catalyst for the Riyadh real estate market. The fund will expand Malaz Capital product offering to include more investment products and integrated master community projects”.
Mr. Mahmoud Ibrahim, Head of Real Estate at Malaz Capital, added “the fund launch is a part of Malaz Capital's strategic plan to meet the strong demand for raw land development projects in distinctive locations in Riyadh. Malaz Capital is committed to providing investors with suitable investment products that achieve strong returns”.
Malaz Capital is an independent investment management company, established in 2009 and licensed by the Capital Market Authority of the Kingdom of Saudi Arabia, which specializes in private equity and real estate. The launch of the Durrat Al Janadriyah Fund came after obtaining the required regulatory approvals from the relevant authorities.
Waheej for Real Estate Company is a specialized real estate development company that offers a wide range of real estate products and services to meet the local market demand in the Kingdom of Saudi Arabia. The company places special emphasis on the quality of services provided and is known for its modern and innovative approach, which has earned the trust of its customers.
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