Al Akaria expects to finalize Alinma Real Estate Fund liquidation procedures in a month

Logo of Al Akaria

Saudi Real Estate Co. (Al Akaria) is finalizing the paperwork required for terminating and liquidating Alinma Real Estate Fund, which is expected to be completed within one month.

The company signed the termination agreement and issued financial statements to close the fund, Al Akaria said in a bourse filing.

It is also working on returning the ownership of the invested land plots from Al Akaria (as investment in-kind) and cash investment amount of SAR 40 million, after reaching an agreement with Alinma Investment to deduct SAR 10 million to cover the previous expenses related to the asset management and structure of the Alinma-Al Akaria Fund for Real Estate Development.

Alinma-Al Akaria Fund’s termination agreement was signed on Nov. 12, 2020.

In November 2020, Al Akaria received a notice about the termination of Alinma-Al Akaria Fund for Real Estate Development, upon request of Al Akaria, which owns 100% of the fund's investment units, according to data compiled by Argaam.

In September 2018, Al Akaria signed an agreement with Alinma Investment, a unit of Alinma Bank, to set up the fund.