Musharaka Capital signs two deals to launch SAR 1.45B real estate fund

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Musharaka Capital announced the signing of an agreement with Jabal Omar Development Co. (JODC) to acquire a land plot within the phase 5 of the Jabal Omar project in Makkah. It also inked an agreement with Ladun Investment Co., which aims to establish a real estate development fund.

According to the company’s statement, the fund aims to acquire a land plot spanning an area of ​​3,881 square meters, located in the central area of ​​Makkah, from JODC for SAR 659.87 million, excluding tax and brokerage fees. The fund seeks to develop and establish a residential and hotel tower with the related services within the Jabal Omar project.

Ibrahim Alassaf, Managing Director and CEO of Musharaka Capital, said: "These agreements come as part of Musharaka Capital's plans to provide diverse investment options, as we offer our clients today a unique opportunity in the central area of ​​Makkah, just a few steps away from the Holy Mosque. We are fully convinced that real estate in Makkah, in general, and the central area, in particular, is among the most distinguished worldwide. We aim to contribute to the development of viable projects that serve national economy, in a move that enhances the development of investment opportunities in the Kingdom and helps deliver the Vision 2030 goals, especially with regard to serving pilgrims.”

Musharaka Capital actively operates in asset management, as well as investment banking and brokerage services. Based in Saudi Arabia, it operates under license No. (27-13169), dated Oct. 7, 2013, from the Capital Market Authority (CMA), for dealing, managing investments, operating funds, arranging, as well as providing advisory and custody in securities business.