NCB Capital closes real estate fund
Jeddah, August 27, 2013
NCB Capital, a leading wealth manager and investment bank in Saudi Arabia, has announced the successful closure of its 'AlAhli AlKhayyal Residential Development Fund' after reaching the SR150 million ($39.9) target.
The residential real estate fund will invest in providing quality villas and duplexes for increasing number of upper-middle class families in Jeddah, said a statement from NCB Capital.
Commenting on move, Faisal Badran, the head of Asset Management at NCB Capital, said: “The keen response of our clients to invest in the fund reflects the high demand for quality housing in Saudi where the residential real estate sector continues to thrive, stimulated by the increasing number of upper-middle class families.”
Under the terms of a recently-signed development agreement with Diyar AlKhayyal Real Estate Development. NCB Capital will be the fund manager while Diyar AlKhayyal will be the developer of residential real estate projects in Jeddah.
Diyar AlKhayyal is a leading firm specialized in developing housing projects for upper-middle class families in Jeddah.
In order to meet the needs of its target segment and to understand the circumstances that make home ownership difficult for upper-middle class families, Diyar Al-Khayyal analyzed a number of studies, taking into consideration population growth rates and demographic trends in the area as well as other economic and social factors.-TradeArabia News Service