Shuaa Capital to launch REIT fund

UAE-based investment bank Shuaa Capital is looking to launch a real estate investment fund (REIT) in Saudi Arabia before the year-end, according to its chief executive Fawad Tariq Khan. The fund will be listed on the Saudi stock exchange and will be launched in conjunction with Saudi-based Jabal Omar Development Company. It will be the first fund launched by Shuaaa Capital since it announced its intention to seek an investment management licence from the Dubai market regulator. In a statement made to the Dubai Financial Market on 19 August, the bank stated that it wants to engage in “investment management, promotion and introduction and managing initial public offerings business after being licensed from the Securities and Commodities Authority”. Shuaa Capital is also planning to issue its first dividend in a decade after it posted a 21% year-on-year increase in second quarter net income which it attributed to growth in its Saudi and Egypt operations. ©2018 funds global mena

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