SMC to establish Al Wadi Real Estate Fund

04:48 PM (Mecca time) Argaam
Logo ofSpecialized Medical Co. (SMC)

Logo of Specialized Medical Co. (SMC)

Specialized Medical Co. (SMC) announced its intention to establish Al Wadi Real Estate Fund, a close-ended, Shariah-compliant real estate investment fund.

 

The company said in a statement on Tadawul that, as part of the fund’s structure, it will contribute a company-owned land plot as an in-kind share to the capital, securing an ownership stake in return.

 

Additional details will be disclosed upon completion of the relevant valuation and structuring processes.

 

The fund aims to develop either a five-star hotel building or a healthcare facility on the contributed land.

 

Moreover, Bank of London and The Middle East (BLME Capital), a Shariah-compliant institution, has been appointed as the fund manager.

 

The company said its board of directors has authorized the CEO to carry out the necessary procedures to complete the establishment of the fund, adding that any material developments will be announced in due course.

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