Saudi-based alternative asset manager Alkhabeer Capital is to launch an open-ended investment fund that will be floated on the Saudi stock exchange (Tadawul).
The Alkhabeer Waqf fund 1 will launch in the fourth quarter of 2019 in partnership with the Majid Society for Community Development, a non-governmental organisation focused on sustainability.
Having gained approval from the Capital Market Authority back in May, Alkhabeer said that the fund’s objective is to provide the Majid Society with “a consistent and reliable source of income” to support its community development initiatives.
“As a proud Saudi company we are deeply invested in the development of our society and economy and actively look for opportunities to contribute to the ongoing progress, and make a positive impact through the success we have achieved over the years,” said Alkhabeer Capital chief executive Ahmed Saud Ghouth.
“The idea for this endowment fund is to give investors a unique opportunity to participate in community development through investing in initiatives of Majid Society, a leading social organisation.”
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