Saudi-based Jadwa Investment has been given the green light by the Saudi Capital Market Authority (SCMA) to raise the value of its real estate investment trust (Reit) by US$98.5 million.
The approval will lead Jadwa to pursue its interest in a Riyadh-based mall complex.
According to a filing with the Saudi stock exchange, the Jadwa Reit Saudi Fund plans to acquire a number of real estate assets, including the Riyadh Boulevard complex located in the Hittin district.
“This acquisition would expand and diversify the asset base currently owned by the fund, and therefore the fund manager expects that the impact of this development to be positive in general on the performance and results of the fund,” the statement said.
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