NCB Capital has successfully concluded its private placement which raised SR280 million ($74.67 million) invested in its real estate development fund, a closed fund that invests in the development of residential villas in the north of Riyadh.

The fund will remain closed for a period of three years, with the option of extending the investment period for an additional two terms each one for a year, a statement from NCB said. 

Tariq Linjawi, head of wealth management at NCB Capital, said: “The fund was able in a very short period to attract investors looking for a Shariah-compliant investment opportunity that meets global standards, which is the hallmark of NCB Capital.”

“We managed to close subscription in the fund in record time due to investors’ confidence in the solid Saudi economy and supported by the fast growth of the local real estate sector along with huge demand for residential units in the Kingdom. In addition, investors’ interest reflects their trust in NCB Capital’s fund management expertise,” he said.

“At NCB Capital, we conduct in-depth research to find ways to expand and diversify our products in order to offer clients innovative investment opportunities that are compliant with Shariah and meet their investment objectives,” Linjawi added.  

NCB Capital has over one million clients and SR44 billion ($11. 7 billion) of assets under management, making it one of the largest wealth managers in the Kingdom. It is a world leader in developing Islamic investment products and has a proven track record and awards in this area. 

In 2011, the bank won the Best Fund Manager Award by Euromoney, and Best Equity House in Saudi Arabia by EMEA Finance, the statement said.

In addition, the company’s AlAhli Saudi Trading Equity Fund won best fund over 5 years and 10 years awards at the Lipper International prestigious 2011 awards, it said. – TradeArabia News Service