ALBILAD Capital signed a memorandum of understanding (MOU) with Rafal Real Estate Development, aimed at creating a closed real estate fund for development and operation to build a Residential Tower in one of the most dynamic location in Central of Riyadh City. The agreement was sealed by Ayham Al Yousef, Albilad Capital's CEO and Majed Al Hogail, Rafal's Managing Director. The agreement provides that Albilad Capital will create the fund and conduct the necessary studies and obtaining the licenses and approvals from relevant authorities and subtract the fund units for subscription. Khalid Abdulaziz Al-Mukairin, Albilad Capital's Chairman, said the agreement will shift the concept of luxury apartments in Riyadh. The closed real estate fund to be created for this project aims at capital growth for investors and the Tower will be managed by an experienced and professional companies in the luxury hotel operations to achieve return. The project idea was generated as a result of several extensive studies of the real estate market in the Kingdom which showed a gap between the demand for luxury apartments and the corresponding lack of supply. Al Yousef said that "Albilad Capital always seizes the best opportunities in several areas of investment to provide its clients, and this fund will be among several investment products that would be brought next year. In addition, "Albilad Capital" is striving to improve and exceed the expectations of its clients to offer a mix of services and solutions that are compatible with their investment objectives.” Albilad Capital's continued excellent performance this year and past years is the primary objective of Albilad Capital's strategies, as the money market and equity funds achieved an outstanding performance over the past two years. This achievements demonstrated the capacity to execute the plans and achieve its targets, even during the most difficult times. This was reflected by the nominating of “Mena Fund Manager” for five investment funds managed by Albilad Capital for several awards and its final results will be announced at the ceremony to be held in Dubai in January 2014. The awards are based on several criteria including outstanding performance, investment policy and the funds structure. — SG
